Investigation into ₹45,000 Crore Pearl Group Scam Intensifies; Supreme Court Committee Issues Final Notice to Allottees. The probe into the ₹45,000 crore scam linked to Pearl Group has gained momentum, with the Supreme Court-appointed Justice Lodha Committee issuing a final notice to allottees of Pearl City Mohali and Pearls City/Pearls Township in villages Bokhara and Gilpatti, Bathinda. The committee has directed them to submit their documents by February 10 for verification.
Allottees must provide essential documents, including sale agreements, sale deeds, payment proofs, and bank statements. A firm has been appointed to oversee the verification process, and documents can be sent via email or post to 505-A, 5th Floor, Ayat-1, District Center, Saket, New Delhi, by 5 PM.
The case has been under Supreme Court scrutiny since 2016. In October 2024, Pearl City allottees filed a petition seeking protection of their rights, prompting the court to order a fresh audit. The audit report has now been submitted.
Jaspal Singh, General Secretary of the Pearl City Mohali Resident Welfare Association, confirmed that the legal battle over plot ownership has been ongoing since 2016. The records of 788 allottees have now been presented before the Supreme Court.
Nirmal Singh Bhangoo, the mastermind behind the Pearl Group scam, was arrested by the Central Bureau of Investigation (CBI) in January 2016 and had been lodged in Delhi’s Tihar Jail since then. He died on August 5, 2024, after a prolonged illness.
Following his death, his daughter, Barinder Kaur Bhangoo, assured investors of PACL Limited and PGF Limited that she would continue efforts to secure their payments and protect their rights.
Bhangoo, who moved to Kolkata in the 1970s in search of a job, initially worked at the investment firm Pearls before joining Haryana-based Golden Forest India Limited, which was later accused of defrauding investors. Following its closure, he launched his own company, Pearls Golden Forest (PGF), in 1980, persuading people to invest in teak plantations with promises of high returns. By 1996, the company had amassed huge sums but was shut down due to tax investigations and other probes.
He later established Pearls Agrotech Corporation Limited (PACL) in Barnala, Punjab, operating a chain-system investment scheme. Lured by promises of lucrative returns, over five crore people invested in the company, leading to one of the biggest financial frauds in the country.
