Close X
Thursday, November 28, 2024
ADVT 
India

Pearls Group’s Nirmal Singh Bhangoo, accused in Rs 45,000 cr ponzi scam, dies

Darpan News Desk IANS, 26 Aug, 2024 02:40 PM
  • Pearls Group’s Nirmal Singh Bhangoo, accused in Rs 45,000 cr ponzi scam, dies

New Delhi, Aug 26 (IANS) Pearls Group's founder Nirmal Singh Bhangoo, arrested by the Central Bureau of Investigation (CBI) in a massive Rs 45,000 crore ponzi scam impacting more than five crore investors, has passed away at a hospital here, according to multiple reports.

As per reports, Bhangoo was admitted to Deen Dayal Upadhyay Hospital in west Delhi after his health deteriorated in the Tihar jail. An official confirmation was awaited from either the jail authorities or from the CBI.

Bhangoo and three others were arrested by the CBI in January 2016 for the alleged swindling of Rs 45,000 crore from over five crore investors through enticing land deals.

Last year, the Punjab government started the process of confiscating properties owned by Pearls Group in connection with the multi-crore chit fund case, to compensate the people by selling them.

The CBI, which has been investigating the scam since February 19, 2014, has alleged that thousands of crores were siphoned off by the two flagship companies of Pearls Group -- PGF Ltd and PACL Ltd -- by duping close to 5.50 crore investors from across the country by floating ponzi schemes.

The properties of the Pearls Group were identified in various districts in Punjab, and a legal process was initiated to acquire these properties.

The central agency had registered the case on directions from the Supreme Court. The CBI also arrested Harchand Singh Gill, a director of a Pearls Group, who was deported from Fiji under ‘Operation Trishul’. Gill was arrested on landing in New Delhi.

In November last year, a Delhi court also sent Sub-Inspector Rajesh Yadav to 14 days of judicial custody in connection with a bribery case linked to the ponzi scam. Yadav was arrested for allegedly accepting a bribe of Rs 4.5 lakh from an employee of Bhangoo to refrain from implicating his daughter and son-in-law in the ponzi scam case.

MORE India ARTICLES

4 killed in Rajasthan accident

4 killed in Rajasthan accident
Four people were killed while 13 others injured when a bus hit a truck on the National Highway in Halena village in Rajasthan's Bharatpur district. The incident occurred when the bus, belonging to Aligarh depot of Uttar Pradesh Roadways, which was proceeding towards Jaipur, hit a truck while trying to overtake a vehicle, one of the passengers said.

4 killed in Rajasthan accident

328 candidates, including 26 women, in fray for 13 Lok Sabha seats in Punjab

328 candidates, including 26 women, in fray for 13 Lok Sabha seats in Punjab
A total of 328 candidates, including 26 women, will be in the fray for the 13 Lok Sabha seats in Punjab, 50 more than 2019, Chief Electoral Officer Sibin C. said on Friday. The state will go to the polls in a single phase on June 1, the seventh and final phase of the ongoing Lok Sabha elections.

328 candidates, including 26 women, in fray for 13 Lok Sabha seats in Punjab

Mumbai billboard crash accused Bhavesh Bhinde sent to police custody till May 26

Mumbai billboard crash accused Bhavesh Bhinde sent to police custody till May 26
A Mumbai court on Friday sent Bhavesh Bhinde, the owner of the gigantic hoarding that crashed in Ghatkopar claiming 16 lives, to police custody till May 26. Bhinde, Director of EGO Media Pvt Ltd., was arrested from Rajasthan's Udaipur town on Thursday and brought to Mumbai.

Mumbai billboard crash accused Bhavesh Bhinde sent to police custody till May 26

Kejriwal has lost his mind after going to jail: Yogi Adityanath

Kejriwal has lost his mind after going to jail: Yogi Adityanath
Uttar Pradesh Chief Minister Yogi Adityanath, on Thursday said that his Delhi counterpart Arvind Kejriwal had lost his mind after going to jail. Yogi Adityanath said this while responding to claims made by Kejriwal earlier in the day during a press conference in Lucknow. The Aam Aadmi Party (AAP) convener claimed that there was a plan to remove Yogi Adityanath as Chief Minister if the BJP retains power.

Kejriwal has lost his mind after going to jail: Yogi Adityanath

Heavy rainfall lashes Hyderabad, inundates low-lying areas

Heavy rainfall lashes Hyderabad, inundates low-lying areas
Heavy rainfall along with a thunderstorm on Thursday brought Hyderabad to its knees, inundating low-lying areas and causing huge traffic jams. The city witnessed a cloudburst like conditions with heavy downpour lasting for an hour on Thursday evening.  

Heavy rainfall lashes Hyderabad, inundates low-lying areas

Kharge, Thackeray, Pawar & Kejriwal to address INDIA bloc rally in Mumbai on May 17

Kharge, Thackeray, Pawar & Kejriwal to address INDIA bloc rally in Mumbai on May 17
Among the top leaders who will attend and address the public meeting at Bandra Kurla Complex grounds include Congress President Mallikarjun Kharge, Nationalist Congress Party (SP) President Sharad Pawar, Shiv Sena (UBT) President and ex-CM Uddhav Thackeray.

Kharge, Thackeray, Pawar & Kejriwal to address INDIA bloc rally in Mumbai on May 17