Pearls Ponzi scam: CBI seizes crucial papers
The Central Bureau of Investigation (CBI) has seized about 10,000 land-ownership related documents, whose worth is estimated to be around Rs 4,000 crore, as part of its probe into the Rs 45,000-crore Ponzi scam allegedly involving two Pearls group firms.
The Central Bureau of Investigation (CBI) has seized about 10,000 land-ownership related documents, whose worth is estimated to be around Rs 4,000 crore, as part of its probe into the Rs 45,000-crore Ponzi scam allegedly involving two Pearls group firms.
The probe has revealed that as part of the suspected fraud, a substantial portion of the land plots were allegedly booked in the name of multiple investors, up to 50 at times, by the accused firms, said a CBI source.
“This is a key theme of the scam. The same land was pledged to multiple investors. In case, the investors would have wanted to sell off the land allocated to them, he or she may have ended in costly litigations,” said the source.
The land documents seized by the CBI were title deeds, transfer deeds and general power of attorney forms related to plots of agricultural land, said the source.
The probe has revealed that the firms were allegedly working as non-banking financial companies by accepting deposits under different plans in the garb of receiving payments against booking of plots, said the source.
The agency has questioned 200 people as part of the probe, including senior officials of the firms.
The CBI FIR had named eight senior officials of the two firms for alleged cheating and criminal conspiracy, charges that they have denied.