CBI unearths real-estate cos’ ponzi scam worth over Rs 45,000 crore
28 Feb 2014 12:50 AM GMT
In its case against PACL and PGF, CBI has named PGF director Nirmal Singh Bhangoo and PACL director Sukhdev Singh besides six other directors of the companies.
The groups had allegedly raised investments from over five crore gullible investors through collective investment scheme under the garb of sale and development of agricultural land, CBI spokesperson said here on Thursday.
She said that after preliminary analysis of documents the agency came to know of the enormity of the scam.
In Ponzi schemes, returns are given to investors from the money collected from other depositors in a pyramid-like structure.
‘Initial investigation by CBI has revealed an alleged scam to the tune of Rs 45,000 crore in a case relating to an alleged fraud by Delhi-based private company and others through raising investments...through collective investment scheme under the garb of sale and development of agricultural land,’ CBI said.
PACL and PGF did not respond to emails sent seeking their comments. The sources said CBI at first did not realise the gravity of the scam and it was only when some laptops were opened they came to know that their earlier estimates about the size of the scam were just a tip of the iceberg.
The groups had allegedly raised investments from over five crore gullible investors through collective investment scheme under the garb of sale and development of agricultural land, CBI spokesperson said here on Thursday.
She said that after preliminary analysis of documents the agency came to know of the enormity of the scam.
In Ponzi schemes, returns are given to investors from the money collected from other depositors in a pyramid-like structure.
‘Initial investigation by CBI has revealed an alleged scam to the tune of Rs 45,000 crore in a case relating to an alleged fraud by Delhi-based private company and others through raising investments...through collective investment scheme under the garb of sale and development of agricultural land,’ CBI said.
PACL and PGF did not respond to emails sent seeking their comments. The sources said CBI at first did not realise the gravity of the scam and it was only when some laptops were opened they came to know that their earlier estimates about the size of the scam were just a tip of the iceberg.
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