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PACL News

27 Sep 2023

PACL Refund Update: Investors Must Do This Before...

The committee, headed by former Chief Justice of India RM Lodha, is overseeing the process of disposing of properties to refund investors after verifying their genuineness.

07 Sep 2017

Sebi imposes Rs 2,423 cr fine on PACL, 4 directors

Regulator Sebi on Thursday imposed Rs 2,423 crore fine on PACL Ltd and its four directors for illegal fund mobilisation through various schemes that were used by the group to garner over Rs 49,000 crore from the public.

09 Oct 2016

HDFC Realty mulls helping banks dispose of defaulter assets

Taking its experience in selling properties of Sahara and PACL for Sebi a step further, real estate advisory firm HDFC Realty is considering helping banks sell properties of defaulters and recover loans.

04 Aug 2016

Sebi suspects 'money laundering' in ponzi schemes

There is a "huge element of money laundering" in illegal public deposit schemes across the country, a top Sebi official said on Thursday, even as he wondered why not many claimants are coming forward to get back the money in the high-profile Sahara case.

CBI charge sheet

07 Apr 2016

CBI files charge sheet against Pearls Group CMD, five others

The CBI on Thursday filed a charge sheet against Pearls Group CMD Nirmal Singh Bhangoo and five others,

07 Apr 2016

CBI likely to file its charge sheet in Pearls chit fund case

CBI is all set to file its charge sheet against Pearls Group companies and its Chief Nirmal Singh Bhangoo and others in connection with cheating five crore investors of Rs 45,000 crore by luring them with attractive land deals

09 Jan 2016

Head of PACL arrested over alleged $6.8 billion investment scam

The arrest of Nirmal Singh Bhangoo comes 17 months after markets regulator the SEBI ordered PACL to return money to millions of investors.

22 Sep 2015

SEBI fines PACL Rs 7,269 crore for illegal raising of funds

In its biggest ever fine, regulator Sebi on Tuesday imposed a penalty of Rs 7,269.5 crore on PACL Ltd and its four directors for illegal and fraudulent mobilisation of funds from the public, saying the company deserves "maximum penalty" for such large-scale duping of the common man.

18 Aug 2015

Securities Appellate Tribunal upholds $7.5 billion refund order against PACL

In its order, SEBI said PACL was selling fixed-return investment products disguised as land-for-fund schemes. It told the firm to return 491 billion rupees ($7.52 billion) it raised from 58.5 million customers.

25 Aug 2014

Property developer PACL says will appeal order to refund $8.1 billion

Property developer PACL said it would appeal a regulator`s order to return at least USD8.1 billion to investors in a land-for-funds scheme, as depositors went to the company`s New Delhi office to demand their money back.

25 Aug 2014

RBI to redefine deposits as ponzi scams mount

In the wake of unearthing of multiple unauthorised deposit raising schemes and scams such as Saradha and PACL, RBI Deputy Governor R Gandhi on Monday said the Reserve Bank is working with the government on redefining as to what constitutes a deposit.

22 Aug 2014

PACL to move Tribunal against Sebi order

Facing a Sebi order with charges of running an illicit money pooling scheme worth about Rs 50,000 crore, PACL Ltd on Friday said that it will approach the Securities Appellate Tribunal against the directive of the capital markets regulator.

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