Pearls Group owns two sectors in Mohali: CBI

Pearls Group allegedly owns two entire sectors – 100 and 104 – in Mohali and about half of two other areas – Sectors 96 and 99, an analysis by the Central Bureau of Investigation (CBI) into the assets of the group, which is accused of duping over five crore investors of about Rs 51,000 crore, has claimed.

CBI sources said the group was planning to develop the sectors as residential townships, by naming it Pearls City, which its website claims is spread over 500 acres. They said the agency is looking into the assets of the company, which has allegedly duped over five crore investors to the tune of Rs 51,000 crore by luring them to provide land in return for their investment.

The CBI has found that in addition to the alleged ownership in Mohali, the group also owns 750 acres in Banur near Chandigarh – which is emerging as a property hub in Punjab, the sources said.

The sources added that the group also owned 400 acres of land in Ludhiana, besides vast tracts in Zirakpur in Punjab o,n which it is developing Nirmal Chaya residential colony. Zirakpur is fast emerging as satellite town near Chandigarh.

The CBI had earlier found 66 offices of the company in the Connaught Circus area here besides huge swathes of land around the national Capital.

They said the properties could run into thousands of crores as per the present market rates prevailing in the area.

The agency is giving details of the properties to the Justice RM Lodha committee, which has been entrusted by the Supreme Court to work on steps to return the money collected from the investors.

The Apex Court had directed the agency to hand over all records related to properties of PACL to Sebi, which was asked to take steps to sell the land for the purpose of refunding money to the investors.