Pearls Agro Director Arrested in ₹49,000 Crore Land Scam, Accused of Duping 5 Crore Investors

The Economic Offences Wing (EOW) of Uttar Pradesh Police has arrested Gurnam Singh, 69, a former director of Pearls Agro-Tech Corporation Limited (PACL), from Rupnagar district in Punjab. As per TOI report, he had been evading arrest in a case involving over ₹49,000 crore collected from investors across 10 Indian states.

PACL is accused of running a land investment scheme that drew in nearly five crore investors. The company promised land plots in exchange for recurring and fixed deposits, but failed to deliver either returns or land. In Uttar Pradesh alone, around ₹19,000 crore was raised through these schemes.

Company Operations 

Originally registered as Guruvant Agro-Tech in Jaipur in 1996, the company changed its name to PACL in 2011. It opened branches in districts like Mahoba, Sultanpur, Farrukhabad, and Jalaun. Despite not being registered as a Non-Banking Financial Company (NBFC), it continued to operate deposit schemes.

Singh was appointed director by PACL founder Nirmal Singh Bhangoo, who died in custody last year. Singh helped expand the company’s activities in Uttar Pradesh. As per reports, they had previously been arrested by the CBI in 2016 in a related case and were living in seclusion when caught.

Investigations and Charges

The Central Bureau of Investigation (CBI), Enforcement Directorate (ED), and Securities and Exchange Board of India (SEBI) have all filed cases. ED investigations revealed diversion of funds to shell firms like M/s MDB Housing Complex, allegedly controlled by Bhangoo’s son-in-law, who was also arrested.

The company used referral models to attract more investors, offering commissions to agents. Seminars were held to promote the scheme. Bond receipts were issued, but most investors received nothing in return. Around 50 lakh people in Uttar Pradesh alone were affected.

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Conclusion 

Singh has been handed over to the Jalaun police after being brought on transit remand. The EOW and other agencies continue efforts to trace other accused individuals and recover assets linked to the case.

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