A special investigation team (SIT) of Punjab vigilance bureau (VB) on Tuesday arrested chartered accountant (CA) Jaswinder Singh Dang of Ludhiana for allegedly verifying “fake documents” in connection with Pearls Agrotech Corporation Limited (PACL) scam.
An official spokesperson of the VB said the arrest has been made after the investigation in an FIR registered at Police Station, State Crime, SAS Nagar.
The spokesperson said an extraordinary general meeting (EOGM) of PACL was shown to be held at PACL’s registered office in Jaipur (Rajasthan), which had closed around seven to eight years ago, and also appointed three new directors of PACL using forged documents.
Dang, in conspiracy with the co-accused, allegedly verified the fake documents as genuine and uploaded the same on the Ministry of Corporate Affairs’ website regarding appointment of three new directors despite the fact that he had knowledge that the meeting actually did not take place, according to an official release.
The spokesperson also claimed that he was also aware that around five crore poor and gullible investors have invested around ₹50,000 crore in PACL and a committee under the chairmanship of justice (retd) RM Lodha has been constituted by SEBI pursuant to the order of the Supreme Court to sell the properties of PACL and using the sale proceeds to refund the investors who have invested their money in PACL.