PACL Ponzi Scheme: Director Arrested in One of India’s Biggest Financial Frauds
Millions of hopes shattered, life savings wiped out—the staggering ₹49,000 crore PACL Ponzi scheme has left an indelible scar on the Indian investment landscape. Authorities have taken a significant step towards justice with the arrest of Gurnam Singh, a director at Pearls Agro-Tech Corporation Limited (PACL).
5 Crore Investors Deceived by Promises of Land and High Returns
The Economic Offences Wing of Uttar Pradesh apprehended Singh for his alleged role in the elaborate scheme that defrauded an estimated five crore investors across ten states. PACL lured unsuspecting individuals with promises of lucrative land plots and extraordinarily high returns on their investments.
Unregistered Operations and Deceptive Tactics
The company operated without the necessary NBFC (Non-Banking Financial Company) registration, raising serious questions about regulatory oversight. Investigators allege that PACL employed deceptive real estate schemes, weaving a complex web of deceit to attract and exploit investors.
