Prem Kaur was instrumental in alienating properties belonging to PACL Ltd
Chandigarh September 14, 2023: As per media reports, The Vigilance Bureau (VB) Punjab on Thursday arrested absconding accused Prem Kaur w/o Nirmal Singh Bhangoo, Managing Director, Pearls Golden Forest (PGF) Ltd. She was nominated in this case for alienating properties belonging to PACL Ltd. and its subsidiary/group companies in Punjab and authorizing a close confederate to alienate/sell out the properties belonging to PACL Ltd. in violation of order of Supreme Court.
Disclosing this here today a spokesperson of the state VB said the Special Investigation Team (SIT) of the Bureau has arrested accused Prem Kaur, resident of H.No. 2138, Phase VII, SAS Nagar in case FIR No. 79 dated 16-07-2020 registered u/s 406, 420, 467, 468, 471, 120-B of IPC at police station city Zira, Ferozepur. She didn’t not joined investigation in this case and was absconding.
Giving details he further informed that Prem Kaur was Director in many group/subsidiary companies of PACL which include Gian Sagar Heathcare Ltd, Uphill Towers Private Ltd, Maktoum Developers Pvt Ltd, Pearls Hospitality Hospitality Hotels & Resorts Pvt Ltd, Walia & Mazumder Realtors Pvt Ltd, Harvindera Industries Pvt Ltd, Pearls Sports Ventures India Ltd and Pearls Brands Ltd.
Her husband Nirmal Singh Bhangoo, Managing Director of PGF Ltd had already been charge-sheeted by the CBI in the PGF/PACL Ltd. Ponzi scam amounting to Rs. 50,000 crores approximately invested by around 5 crore gullible investors of various states including Punjab.
Mentionably, a high level committee under the chairmanship of Justice (Retd.) R.M. Lodha had been constituted pursuant to the order of Supreme Court of India to sell the properties of PACL Ltd. and use the sale proceeds to refund the innocent investors who have invested their hard earned money in this chit fund company.
He further added that the Prem Kaur was instrumental in alienating properties belonging to PACL Ltd. and its subsidiary/group companies in Punjab and authorised a close confederate to alienate/sell properties belonging to PACL Ltd. in violation of order of Supreme Court issued on 25th July 2016 restraining sale/transfer/alienation of any of the properties wherein PACL has, in any manner, a right/interest situated either within or outside India.