In a significant development, the Punjab Vigilance Bureau (VB), in collaboration with immigration department officials, has arrested Prashant Manjrekar, the director of Sanranjeevan Infrastructure and Projects Private Ltd. The arrest took place at Mumbai airport as Manjrekar attempted to flee to Dubai.
Manjrekar was evading capture in connection with the Pearls Agrotech Corporation Limited (PACL) case, which has garnered considerable attention due to its implications of fraud and mismanagement. The VB spokesperson revealed that he was wanted under FIR No. 79, registered on July 16, 2020, at the Zira city police station in Ferozepur. The charges against him include various offenses under the Indian Penal Code (IPC), including Sections 406 (criminal breach of trust), 420 (cheating), and 467 (forgery).
The case revolves around the illegal alienation of properties owned by PACL Ltd. in Gholumajra village, Mohali. Despite a Supreme Court order restraining PACL from selling or alienating properties, Manjrekar and others allegedly developed two colonies—Bella Vista 1 and Bella Vista 2—on disputed land belonging to PACL between 2018 and 2019. They reportedly collected significant sums by selling plots and houses in these colonies.
In response to the ongoing investigations, the Supreme Court had established a committee chaired by Justice (Retd) RM Lodha. This committee aims to manage the sale of PACL’s properties and ensure that the proceeds are used to refund investors who had previously invested in the company’s collective investment scheme (CIS).
Manjrekar’s arrest marks a crucial step in addressing the financial irregularities associated with PACL and safeguarding the interests of the affected investors. Further legal proceedings are expected to follow as the case unfolds.
