Jaipur-based PACL Ltd, also known under
the brand name of ‘Pearls’ and its sister concern PGF Ltd were the two
real estate companies whose offices were raided on Saturday by the
Central Bureau of Investigation. A case was registered by the agency
based on a directive issued by the Supreme Court. The allegations
include accumulation of money collected from the public on the pretext
of offering good plots and also duping investors with a scheme that
could guarantee them agricultural land based on an initial deposit made
by the investors.
Cheating
and criminal conspiracy cases have been slapped on the realtors that
lead to the searching of their offices located in Delhi, Jaipur, Mohali,
Ropar and Chandigarh. The CBI reportedly has obtained a huge tranche of
documents that could provide further insight into the fraudulent scheme
run by the company.
The details of
the case go way back to 2002 when Sebi had first cautioned the company
against not following the proper rules pertaining to their investment
schemes launched during that period. The company had then filed a
petition with the Rajasthan High Court which granted relief by repealing
Sebi’s earlier order. Sebi had then moved the SC requesting an
expedited hearing for the same.
PACL Ltd is a diversified group with a presence in sectors like agriculture, tourism apart from hospitality and media.
