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CBI arrests 11 in Rs 60,000 Cr Pearls Ponzi scam

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CBI

The Central Bureau of Investigation (CBI) has arrested 11 more persons, including businessmen and Pearls Group employees in connection with Rs 60,000 crore Pearls Ponzi Scheme case.

“Chander Bhushan Dhillon, Prem Seth, Manmohan Kamal Mahajan, Mohanlal Sehajpal, Kanwaljit Singh Toor are the employees of the Pearls Group who have been placed under arrest. Apart from them we arrested Delhi, Chandigarh and Kolkata-based businessmen Praveen Kumar Agarwal, Mannoj Kumar Jain, Akash Agarwal, Anil Kumar Khemka, Subhash Agarwal and Rajesh,” said a CBI official.

The official said that the CBI had earlier registered a Preliminary Enquiry on the directions of the Supreme Court against Pearls Group, which had allegedly collected around Rs 60,000 crore from around five crore investors all across the country by illegally operating different investment schemes, without any statutory approval, with an intention to cheat them.

The accused had given land guarantee to the investors to lure them. The people were told that they would be getting an interest of 12.5 per cent if they would invest. They were offered free accidental insurance and income tax free maturity on their investments. The accused had also promised the investors that the value of the land that they were purchasing would multiply fast.

Later on the basis of the enquiry a case was registered against Ms. PGF Limited, Ms PACL Limited, Nirmal Singh Bhangoo and other Directors of these two flagship companies of the Pearls Group.

During investigation, Nirmal Singh Bhangoo, Sukhdev Singh, Subrata Bhattacharya and Gurmeet Singh were arrested in January 2016. Later in April 2016 the CBI filed it’s first charge sheet against them.

The CBI had identified properties of Nirmal Singh Bhangoo worth Rs 1.85 lakh crore in the current market rate across the country. The accused had also invested in Australian companies.

Australian cricketer Bret Lee was a brand ambassador for the Pearl Group and the IPL team ‘Kings XI Punjab’ was also cosponsored by Pearl Group.

To investigate the role of other accused in this multi-crore financial scam, which had adversely affected the interests of millions of investors, further investigation of the case was continued.

This morning the CBI arrested 11 more persons for their alleged involvement in the case. The Enforcement Directorate is also probing a case of PMLA in this connection.

Further probe in the matter is on.

Crime

‘Vindictive politics’: SP hits out at BJP over ED raids on Azam Khan-linked locations

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Lucknow, Aug 19: As the Enforcement Directorate (ED) raided several locations linked to senior Samajwadi Party (SP) jailed leader Azam Khan on Wednesday, the party criticised the BJP-led Uttar Pradesh government, stating that it has “nothing left” to offer the public, and hence is resorting to “harassing” people associated with the previous governments.

This came as the ED carried out searches in Uttar Pradesh’s Rampur and Saharanpur and Delhi in connection with Azam Khan on Wednesday. Ten locations, including the Mohammad Ali Jauhar University and its trust, were searched as part of the case registered under the Prevention of Money Laundering Act (PMLA).

Speaking to media, SP spokesperson Ashutosh Verma said, “The Bharatiya Janata Party engages in vindictive politics. It has nothing of its own to offer. Whenever it comes to power, it pursues vindictive politics against previous governments.”

He accused the State government of lacking original ideas for public welfare and destroying the schemes that were introduced by SP National President Akhilesh Yadav when he was the Chief Minister.

“Look at Uttar Pradesh; no major work has been done in the last 11 years. They are replacing plaques at Samajwadi Party projects and putting the BJP’s name on them, harassing Azam Khan in Rampur, and destroying Akhilesh Yadav’s schemes,” he said.

“The BJP has nothing left to offer the country, which is why it is harassing people associated with previous governments,” the SP spokesperson stated.

According to the officials, the raids are aimed at tracing proceeds of crime, along with digital evidence, documents, and financial records connected to the diversion and utilisation of government funds.

Uttar Pradesh Congress also criticised the ED raids and claimed that this was being done to target the jailed SP leader.

Speaking to media, UP Congress President Ajay Rai said, “It is done to target and weaken Azam Khan.”

Azam Khan is currently serving a sentence in Rampur Jail alongside his son, Abdullah Azam.

The controversy over Jauhar University erupted after the Rampur Development Authority (RDA) flagged multiple violations inside the varsity, claiming that 38 out of 40 buildings were made without necessary approvals. The RDA had also asked the university to remove them on its own within a time frame, failing which the district administration will step in to raze them.

The order to demolish 38 buildings at Jauhar University caused a political upheaval. In late July, the Uttar Pradesh government’s Divisional Commissioner stayed, for now, the demolition order issued against 38 campus buildings by the District Magistrate of Rampur.

While the Samajwadi Party openly entered the political battle over the issue, uncertainty surrounding the future of Jauhar University continues.

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Crime

J&K Police book BJP leader for cheating, criminal intimidation in Pulwama

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Srinagar: Police in Jammu and Kashmir’s Pulwama district said on Wednesday that they have booked a BJP Kisan Morcha leader for cheating and intimidation.

Officials said police in Pulwama district have registered a case of cheating and criminal intimidation against Aijaz Ahmad Shah, a BJP Kisan Morcha leader in the district.

The case has been registered against Shah at the Tral police station under sections 420 (cheating and dishonesty inducing someone to deliver property, money or valuables) and 506 (criminal intimidation) of the IPC, officials said.

The officials said since the alleged crime took place in 2022, the case has been registered under the IPC, which was replaced by the Bharatiya Nyay Sanhita (BNS) in July 2024.

The complaint alleged that Shah took money from him on the pretext of getting him help from police in a matter.

Shah, who was appointed vice president of the Pulwama Kisan Morcha last November, faces eight similar cases registered in at least four police stations in the district since 2016.

This was the third case registered against Shah this year. The development follows the registration of an FIR against BJP’s Pulwama district president Showkat Gayoor on August 11 for alleged extortion and threats.

The BJP has suspended Gayoor from all positions pending party disciplinary proceedings against him.

BJP leader Altaf Thakur, who also belongs to the Tral area, refused to comment on the latest FIR against Shah.

In the past, police have also booked some political leaders and activists for extortion and cheating, basically by promising government jobs and help from police and local officers.

In almost all such cases, the accused had made false promises by misusing the name of the political parties they belonged to.

During the peak years of terrorism, many such dishonest activists belonging to different political parties were accused of extorting money from parents of youths taken into custody for questioning by the security forces in terror-related cases.

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Crime

Two Delhi women held for cheating 67-year-old of Rs 1.30 lakh through dating app

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New Delhi, Aug 19: Two women have been arrested for cheating a 67-year-old man of Rs 1.30 lakh after creating a fictitious dating app profile, meeting him in Delhi and allegedly stealing his mobile phone, police said on Wednesday.

According to the South-West District Police, one of the accused allegedly created and operated a dating app profile using a fictitious identity and established contact with the complainant. She later involved her associate, who allegedly met the victim by impersonating the woman whose profile he had interacted with online.

The case came to light after an e-FIR was registered at PS Cyber, South-West District, on July 25 following a complaint by the 67-year-old senior citizen. The complainant told police that he had come in contact with a woman through a dating app and later communicated with her through Telegram.

He subsequently met the woman and her associate in Defence Colony. On July 24, the complainant allegedly met both women at a restaurant in the area and had dinner with them. While leaving the restaurant, his mobile phone was allegedly stolen.

Soon after the theft, Rs 1.30 lakh was transferred through UPI from the complainant’s two bank accounts without his consent, police said.

Following registration of the case, a dedicated team comprising SI Neeraj and HC Sandeep was constituted under the leadership of Inspector Pravesh Kaushik, SHO, PS Cyber, South-West District, and the overall supervision of Sandeep Ghai, ACP/Ops, South-West District.

Investigators examined the banking trail, beneficiary accounts, CCTV footage and conducted technical surveillance. Account-opening forms, KYC documents, bank statements, and transaction details were obtained and analysed.

Police found that the amount cheated was initially transferred to an account in the name of one accused and subsequently to another bank account belonging to her associate. Of the total amount, Rs 90,000 was allegedly withdrawn through an ATM.

CCTV footage showed two women withdrawing the money, providing a crucial lead. Further technical analysis and examination of banking transactions helped police identify and trace the suspects.

The accused were identified as 26-year-old Jyotsna and 21-year-old Manshi, both residents of Delhi. Police said Jyotsna allegedly created and operated the fictitious dating app profile and established contact with the complainant before involving Manshi.

Manshi allegedly met the complainant by impersonating the dating app profile holder, making him believe she was the same woman with whom he had interacted online.

Police said the two accused had met the complainant on July 20 and again on July 24. During the second meeting, after dinner at a Defence Colony restaurant, his mobile phone was allegedly stolen.

The investigation further revealed that the stolen phone was subsequently destroyed by the accused, allegedly to eliminate evidence.

Police said the two women were arrested on the basis of the banking trail, CCTV footage, technical surveillance and other investigative leads. Two mobile phones have been recovered.

The case has been registered as e-FIR No. 381/26 under Section 318(4) of the Bharatiya Nyaya Sanhita at PS Cyber, South-West District. Further investigation is underway.

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