In one of India’s largest financial frauds, the Economic Offences Wing (EOW) of Uttar Pradesh arrested Gurnam Singh (69), director of Pearls Agro-Tech Corporation Limited (PACL), from Ropar district, Punjab.
Singh is accused of masterminding a massive Ponzi-like scheme that illegally collected investments amounting to approximately Rs 49,000 crore from five crore unsuspecting investors across ten states, including Uttar Pradesh, Assam, Punjab, Rajasthan, Delhi, Madhya Pradesh, Andhra Pradesh, Kerala, Bihar, and Chhattisgarh.
The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have both filed cases against PACL. Following multiple complaints and a Securities and Exchange Board of India (SEBI) probe, the EOW registered a case at Kanpur police station (Case No. 1/18), citing several IPC sections. Gurnam Singh is one of the ten accused named, with four others already in custody related to CBI investigations. Efforts continue to apprehend remaining fugitives.
EOW officials stated that Gurnam Singh was a primary director appointed by PACL’s founder, Nirmal Singh Bhangoo, who passed away later. Company documents corroborate this appointment.
According to the EOW, the fraud affected approximately 50 lakh individuals across various districts in Uttar Pradesh alone, duping them out of their investments.
