E-Paper
Illegal sale of assets: Bhangu’s son-in-law remanded in 3-day police custody
Hayer, son-in-law of Pearls Group owner Nirmal Singh Bhangu who is in jail in connection with a ponzi scam involving over ₹48,000 crore, was arrested from Mohali with some property-related documents on Friday
A Ferozepur court on Saturday sent prime accused in the illegal sale of PACL India Limited, also known as Pearls Group, properties, Har Satinder Singh Hayer to three-day police custody.
Hayer, son-in-law of Pearls Group owner Nirmal Singh Bhangu who is in jail in connection with a ponzi scam involving over ₹48,000 crore, was arrested from Mohali with some property-related documents on Friday.
Jalalabad deputy superintendent of police Palwinder Singh Sandhu said the SIT will question Hayer during the police remand.
In April this year, the SIT filed a chargesheet against multiple accused in a Ferozepur court, saying despite the SC’s 2016 ban order, the PACL and its associated companies started disposing of land worth hundreds of crores in and outside India.
As many as 57 people, including company officials and family members of Bhangu, were booked on charges of cheating, criminal conspiracy and other sections of the Indian Penal Code at the Zira police station in July last year.
Several arrests were made by the police on the complaint of one Pardeep Singh of Bhadson in Patiala district.
In December 2015, the Securities and Exchange Board of India (SEBI) had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund money to investors. A panel headed by Justice RM Lodha (retired) had initiated the process of refund to the investors.
