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Investors caught up in the fraudulent schemes of PACL Group have been requested by the Securities and Exchange Board of India (SEBI) to present original investment documents to seek repayment. The investors have been given until 20th March 2023 to submit the documents with authorities.
According to a statement posted on the SEBI website, the committee has requested for authentic PACL registration certificates from qualified investors with claims between Rs 15,001 and Rs 17,000 whose applications have been satisfactorily vetted.
All qualified investors will receive notification through SMS that they must present original PACL registration certificates. Investors have been advised not to part with their original PACL registration certificates unless an SMS from the Committee requesting submission of original certificates has been received.
PACL, also known as Pearl Group, was banned in 2015 after the markets regulators discovered that the company had illegally collected over fifty crore rupees via collective investment schemes (CIS) over eighteen years. During the investigation, it was discovered that PACL directors siphoned off funds received from investors and used them for personal advantage by investing in numerous organisations.
In 2015, the Supreme Court formed a panel under retired Justice R.M. Lodha to dispose of PACL’s assets and refund the money. In addition, the committee was put in-charge on reviewing documents submitted by investors, assess their financial standing and ensure no investor is over-compensated. Their goal would be to ensure all legitimate investors receive a fair and timely refund.
In an order issued in August 2014, SEBI demanded that PACL, along with its promoters and directors, return the investor funds. The defaulters were given three months to cease their existing schemes and return the funds to investors. The SEBI order also sought to prevent PACL from launching any new schemes or financial activities.
In December 2015, when the directors failed to reimburse the investors, SEBI issued an order directing the attachment of all their personal assets.
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