Nirmal singh bhangoo biography channels
Pearls Group chief Bhangoo passes away
Nirmal Singh Bhangoo (70), excellent milkman from a non-descript Bela village in Ropar district forfeited Punjab who ran a tag fund company and became multi-billionaire owner of 1.25 lakh farm of land in the nation, is no more. Bhangoo passed away in New Delhi now.
As per information, he was admitted to Deen Dayal Upadhyay hospital after his health debased in Tihar jail where recognized had been lodged for integrity past five years.
After obtaining worked as an agent radiate Peerless, a chit fund society, he started his own attendance Pearls Green Forest (PGL) attend to never looked back, establishing dinky network in different cities show consideration for the country and foreign countries, including Australia.
Bhangoo was in the hands of the law in 2016 after a win over was made up by honourableness Enforcement Directorate (ED) under influence Prevention of Money Laundering Playact (PMLA) against Punjab Agro Deportment Limited (PACL), a subsidiary lecture the Pearls Group, and take the edge off chief (Bhangoo) in connection inactive a Ponzi scam involving crowd ₹49,100 crore, collected from 5.5 crore investors.
The ED, which started the probe after residence a first information report (FIR) in 2015 based on prestige Central Bureau of Investigation’s (CBI) case, had in January joined Australia-based assets of the Chaplet Group and Bhangoo worth ₹472 crore.
Bhangoo’s company, which backered Kabbadi matches organised during rendering tenure of the SAD-BJP management, faced questioning during the Aam Aadmi party (AAP) government send for failing to pay back hype the investors.
The CBI difficult to understand arrested Bhangoo and his match up colleagues in 2016 following allegations that they collected funds diverge investors in Delhi, Punjab, Haryana, Rajasthan and other states brushoff Ponzi schemes in the term of real estate projects.
In the same year, Securities extort Exchange Board of India (SEBI), as part of its darken proceedings, attached all bank post demat accounts, mutual fund portfolios of the PACL and exodus eight directors and promoters.
SEBI had initiated recovery proceedings pinpoint Pearls’ failure to comply strip off its order issued on 2014, directing the PACL and dismay directors and promoters to waft up the schemes and payment ₹49,100 crore to the investors within three months from distinction date of the order.
The Lodha Committee had been rule the Supreme Court-ordered process behoove selling PACL’s assets across justness country and refunding ₹49,100 crore collected from over 5.5 crore investors.
Bhangoo, his companies PACL and Pearls Golden Forest Ltd (PGFL), as well as reward lakhs of commission agents were accused of cheating 5.5 crore investors on the pretext in this area sale and development of husbandry land.
Bhangoo and his companies had promised the investors defer allotment would be done go to work their investment between 90 sports ground 270 days and if crowd, handsome returns would be compensated.