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Pearl Group Director Harchand Gill arrested by CBI in Rs 60,000 crore Ponzi scam

Pearl Group Director Harchand Gill arrested by CBI in Rs 60,000 crore Ponzi scam

CBI arrests Pearls Group director Harchand Singh Gill in multi-crore ponzi scam. Photo credits: IANS. Late on Monday, HS Gill, Director of Pearl Group was deported from Fiji and arrested on his landing in New Delhi by CBI for allegedly being involved in a chit fund scam of Rs 60,000. 

Pearl Group Director arrested by CBI

The Central Bureau of Investigation has arrested Pearl Group Director Harishchand Singh Gill after his deportation from Suva in Fiji for being in connection with Rs 60,000 crore Ponzi orchestrated by the parent firm under ‘Operation Trishul’. Gill was arrested on landing at  New Delhi airport, India this Monday. 

The CBI had launched operation Trishul to bring back fugitives living abroad and claims to have brought back around 30 fugitives since the launch last year. 

CBI claims HS Gill was the director and shareholder of a Pearls Group company, the CBI alleged he had attended board meetings where all important decisions were taken. 

The officials said a special court had issued a non-bailable warrant of arrest against Gill. The CBI had got a Red Corner Notice published against him through Interpol, they added.

Pearl Group Director Harchand Gill arrested by CBI in Rs 60,000 crore Ponzi scam
Source: The Pamphlet

The CBI has been investigating and has instituted a probe against The Pearl Group Founder Nirmal Singh Bhangoo since February 2014, alleging the company cheated on 5.5 crores of gullible investors by offering them land in return for their investments. Allegedly Rs 60,000 was siphoned by the company till now by duping investors across the country. 

The arrested accused allegedly conspired with other directors of the company to operate the scheme illegally without any statutory approval, a spokesperson in the CBI said, adding: “These schemes were running illegally and both the companies were allegedly engaged in fraudulent activities, including forgery in their day-to-day operations.”

Pearl Group Director Harchand Gill arrested by CBI in Rs 60,000 crore Ponzi scam
source: Tribunal India

Conclusion: 

CBI has arrested HS Gill under Operation Trishul alleging to be in connection with Rs 60,000 crore of Ponzi by The Pearl Group. The inquiry has been started under a non-bailable warrant and further actions are affirmed by CBI. 

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