CBI slaps cheating and criminal conspiracy cases against Jaipur-based realtor PACL Ltd

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.