E-Paper
Mohali administration starts work to sell properties of Pearl Group
The Mohali administration has initiated the process to confiscate and sell properties owned by Pearl Group to compensate people duped by the chit fund company
In compliance with directions of Punjab chief minister Bhagwant Mann, the Mohali administration has initiated the process to confiscate and sell properties owned by Pearl Group to compensate people duped by the chit fund company.
The administration has commenced the identification, fencing and installation of prohibition hoardings on the group’s properties.
Since 2014, Pearl Group’s projects have been stalled after its chairman-cum-managing director (CMD) Nirmal Singh Bhangoo was implicated by CBI in a ₹45,000-crore ponzi scam.
Deputy commissioner Aashika Jain said, “We have received a list of approximately 500 properties from SEBI, and the sub-divisional magistrates (SDMs) of Mohali, Kharar and Dera Bassi have been instructed to identify and fence the properties, as well as install hoardings to inform the public not to engage in any transactions involving these properties.”
“We have commenced the process of making red entries in the revenue records to prevent the sale or purchase of these properties, and most of the work has been completed,” said Jain.
She added that the SDMs were working actively to complete the exercise within the next few days.
Providing more details, the DC said Manakmajra, Dhurali, Saneta, Sukhgarh, Dhol, Sekhanmajra, Ladiali, Raipur Khurd, Raipur Kalan, Chapparchirri Khurd, Balaungo, Banur and Khilawar were among some villages in Mohali sub-division where identification, fencing and display of prohibition boards had been carried out.
Similarly, in Dera Bassi, the identified villages include Jaatana Kalan, Kaulimajra, Haripur Kura, Devinagar, Janetputr, Chhachhrauli, Gholumajra, Jagadhri, Mothamwali and Chhat.
How Bhangoo fell in CBI trap
In 2003, the Securities and Exchange Board of India (SEBI) and investors had filed a case in the Supreme Court against Pearls Agrotech Corporation Limited (PACL) group on the charges of raising ₹45,000 crore fraudulently from 5.5 crore investors via collective investment schemes.
Following this, in February 2013, the Supreme Court directed CBI and SEBI to investigate and scrutinise PACL.
In February 2014, CBI lodged a case against two Pearls Group’s real estate firms and 76 FIRs against group chairman Nirmal Singh Bhangoo.
After two years of investigation, in January 2016, CBI had arrested Bhangoo among four top officials of the group.
On February 2, 2016, the Supreme Court appointed a committee headed by former chief justice of India RM Lodha to oversee the refund of ₹49,000 crore to the investors, following which the Lodha committee attached all assets of PACL. At present Bhangoo is lodged in jail.
In Mohali, two residential sectors have been developed by the Pearl Group, namely Sector 100 and Sector 104, which have approximately 1,300 allottees, who have collectively invested around ₹600 crore.
Despite significant investments, these sectors lack essential amenities, such as a sewerage system, roads and streetlights. The plots in these sectors range from 150 to 500 square yards in size.
