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The Punjab Vigilance Bureau (VB) has initiated the examination of properties that have been separated from the embattled Pearls Group, as part of the Rs 60,000-crore chit fund scam, with Nirmal Singh Bhangu, the Managing Director of the company, being one of the accused individuals. In accordance with the directives from the Supreme Court and the Justice Lodha Committee, the group's properties have been identified. To further investigate the financial wrongdoings associated with the Pearls Group, the Punjab government transferred all relevant cases to the VB in May. Subsequently, the revenue department instructed deputy commissioners to identify alienated properties linked to the group.
The VB has received a list of 31 alienated properties owned by PACL/PGF Ltd in Punjab, which will be examined by the bureau's SSPs to determine if there is any involvement of public servants in the illegal transfer of these properties. Additionally, a list of 16 other identified properties has been shared for verification purposes to ensure that the revenue records accurately indicate the absence of any encumbrances on these properties.
Furthermore, the bureau is in the process of verifying 2,239 properties belonging to the Pearls Group in Punjab, as identified by the Central Bureau of Investigation (CBI). This verification aims to ensure that the records regarding the non-encumbrance of these properties align with the Supreme Court's order dated July 15, 2016. The CBI has identified these properties as belonging to PACL, its directors, promoters, agents, employees, group, and associated companies. The list shared by the Securities and Exchange Board of India (SEBI) also includes ownership details of these properties, emphasizing the need for accurate information regarding their ownership.
To enforce transparency, instructions have been issued mandating that all sale or transfer deeds and documents executed and registered in the state must include a declaration by the seller. This measure aims to ensure that the transfer of properties is conducted in a legal and transparent manner.
In the ongoing investigation, all 13 individuals named as accused in the first information report (FIR) filed at the Zira City police station, who have been granted interim bail by the high court, are being compelled to participate in the investigation.
In February, Punjab Chief Minister Bhagwant Mann expressed his determination to hold those responsible for deceiving innocent people accountable. He vowed that the government would develop strategies to facilitate the return of money to the defrauded investors, showcasing the administration's commitment to addressing the concerns of the affected individuals and seeking justice for them.
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