Helpless PACL investors submit memorandum to DC
Helpless PACL investors submit memorandum to DC
Ferozepur, April 2, 2022: Thousands of desperate investors under the banner of Insaaf Di Awaz, who have lost money in PACL Ltd are pleading for their early claims and today submitted a memorandum to the Deputy Commissioner, Amrit Singh, in the name of Cm Punjab, for taking up the matter with the concerned authorities.
Bhangoo, his companies PACL and Pearls Golden Forest Ltd (PGFL), as well as several thousands of his commission agents, were accused of cheating 55 million investors on the pretext of the sale and development of agricultural land.
A real estate company, Pearls Agrotech Corporation Limited (PACL) – one of the largest Ponzi schemes in India – ditched the investors and collected more than Rs. 50,000 crores from them. The investors were duped and they never got the land they were promised.
Mohinderpal Singh Dangarh, President and committee members said, the PACL investors for the last seven years are moving from one authority to another authority for early refund as promised during the elections for a refund of 25 lakh investors. He said, now most of the properties of the PACL are owned by Congress and Akali leaders which should be brought under Section 145 by attaching for further action.
