PACL founder Bhangoo not responding to SFIO summons
10 Feb 2015 12:50 AM GMT
It was found that the company continues to be involved in collecting money ‘illegally’ despite an ongoing CBI inquiry, which is monitored by the Supreme Court.
SFIO has sent letters to Bhangoo’s office in Delhi and Chandigarh on January 28 and February 2 and asked him to respond to it at the earliest. The probe agency, which falls under the Ministry of Corporate Affairs (MCA) asked Bhangoo to explain over his ‘agents’ continued involvement in collecting money mainly from the rural areas.
“He has failed to provide any explanation to us. We have sent reminders but (got) no reply,” sources said.
It was learnt that SFIO wanted to have the exact figures of PACL’s collection and funds mobilised during the period of April 1, 2012 to February 25, 2013. Also, he was asked to provide details of funds collected during April 2013 to August 2013 and in December 2013 to February 2014.
“This is the period, which are crucial in terms of his collection as we are anticipating that the figures could be more. So, far as per our total amount mobilised by the company, by its own admission comes to a whopping Rs 49,100 crore. But we suspect that this could be more and therefore, we have asked for his explanation,” sources said.
Earlier, on November 14, 2014, the SEBI has written an ‘alert letter’ to the MCA and requested it to take action against Company’s agents involved in such activities. Probe revealed that they are mainly targeting people living in the rural areas of South India and some parts of Uttar Pradesh, Bihar and Jharkhand.
Meanwhile, CBI and Serious Fraud Investigation Office (SFIO) made contact with its Australian counterparts to get ‘every single’ piece of information about his other investments.
CBI Chief Anil Sinha had recently claimed that they have formed four separate teams to go deep in to the case. It was learnt that one of the teams, was asked to look in to foreign affairs of Bhangoo and already they are in touch with the Australian authorities in getting details of Bhangoo’s dubious investment in real estate, hotels, sports and remittance business. Also, Indian sleuths are also in touch with the Australasian Consumer Fraud Taskforce (ACFT) to strengthen their case against Bhangoo.
There are reports that Bhangoo has made some investments in Dubai too and that the probe agency will take on with its Dubai counterparts soon. “If required we will also take help from the Interpol to unearth how he came in contact with the notorious fugitive Christopher Skase, who died in 2001.
Bhangoo’s Pearls Australasia Company paid $62 million cash for the luxurious Sheraton Mirage Resort and Spa to Skase, and spent another $20 million on its renovations. There must be some middleman who broke the deal and we need those information,” sources said.
SFIO has sent letters to Bhangoo’s office in Delhi and Chandigarh on January 28 and February 2 and asked him to respond to it at the earliest. The probe agency, which falls under the Ministry of Corporate Affairs (MCA) asked Bhangoo to explain over his ‘agents’ continued involvement in collecting money mainly from the rural areas.
“He has failed to provide any explanation to us. We have sent reminders but (got) no reply,” sources said.
It was learnt that SFIO wanted to have the exact figures of PACL’s collection and funds mobilised during the period of April 1, 2012 to February 25, 2013. Also, he was asked to provide details of funds collected during April 2013 to August 2013 and in December 2013 to February 2014.
“This is the period, which are crucial in terms of his collection as we are anticipating that the figures could be more. So, far as per our total amount mobilised by the company, by its own admission comes to a whopping Rs 49,100 crore. But we suspect that this could be more and therefore, we have asked for his explanation,” sources said.
Earlier, on November 14, 2014, the SEBI has written an ‘alert letter’ to the MCA and requested it to take action against Company’s agents involved in such activities. Probe revealed that they are mainly targeting people living in the rural areas of South India and some parts of Uttar Pradesh, Bihar and Jharkhand.
Meanwhile, CBI and Serious Fraud Investigation Office (SFIO) made contact with its Australian counterparts to get ‘every single’ piece of information about his other investments.
CBI Chief Anil Sinha had recently claimed that they have formed four separate teams to go deep in to the case. It was learnt that one of the teams, was asked to look in to foreign affairs of Bhangoo and already they are in touch with the Australian authorities in getting details of Bhangoo’s dubious investment in real estate, hotels, sports and remittance business. Also, Indian sleuths are also in touch with the Australasian Consumer Fraud Taskforce (ACFT) to strengthen their case against Bhangoo.
There are reports that Bhangoo has made some investments in Dubai too and that the probe agency will take on with its Dubai counterparts soon. “If required we will also take help from the Interpol to unearth how he came in contact with the notorious fugitive Christopher Skase, who died in 2001.
Bhangoo’s Pearls Australasia Company paid $62 million cash for the luxurious Sheraton Mirage Resort and Spa to Skase, and spent another $20 million on its renovations. There must be some middleman who broke the deal and we need those information,” sources said.
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