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After the arrest of Gurnam Singh, a new ray of hope has been seen by lakhs of people whose life savings were stuck in this scheme.
Gurnam Singh arrested (Source: Internet)
Lucknow: Gurnam Singh, the owner of PACL (Pearls Agrotech Corporation Limited) company, who was absconding after duping thousands of investors across the country, has finally been arrested from Lucknow, the capital of Uttar Pradesh. This arrest made by the Economic Offences Wing (EOW) is being considered a big relief for the investors and a major success of law and order, reports Dynamite News correspondent.
Gurnam Singh, through his company PACL, extorted thousands of crores of rupees from people in various states of the country by showing them the dream of "doubling-triple the income in a short time".
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The company had claimed that it would give great returns by investing in agricultural land and real estate, but the reality was that all this was a multi-level fraud under a well-planned scheme.
PACL promoted its schemes by opening branches in many states including UP, Assam, Punjab, Rajasthan, Madhya Pradesh, Delhi, Bihar, Chhattisgarh, Kerala and Andhra Pradesh.
About Rs 49,000 crores were raised from thousands of investors of these states. People were deceived that agricultural land would be purchased from their deposited capital and they would get returns by making profit in it. Everything went well for some time, then gradually the company started closing the offices and the main accused disappeared.
India's biggest scam (Source: Internet)
Victim investors had lodged a complaint in Jalaun district of Uttar Pradesh regarding this scam. Seeing the seriousness of the matter, the case was handed over to CBI, which had already arrested 4 out of 10 accused in this case and sent them to Tihar Jail. Gurnam Singh was the main conspirator, who was absconding till now. Finally EOW caught him from Lucknow.
After the arrest of Gurnam Singh, a new ray of hope has been seen by lakhs of people whose life savings were stuck in this scheme. Now EOW and other investigation agencies have started to investigate the financial and legal roots of this network.
The PACL case is considered to be India's biggest Ponzi scheme till date. This scam involves not only common people but also retired employees, farmers, small businessmen and housewives, whose hard-earned money got lost in this fraud.
