CBI team to visit Australia to probe Pearl investments

The CBI has decided to send a team of its officials to Australia in connection with its ongoing probe against promoters of two real estate companies, Pearl Agrotech Corporation Ltd (PACL) and Pearls Golden Forest Ltd (PGF).

Sources said investigations have revealed that the accused firms allegedly invested around Rs 600 crore in Australia. There are allegations that the accused firms and their promoters allegedly raised investments, worth Rs 45,000 crore, from over 5.6 crore gullible investors through collective investment scheme under the garb of sale and development of agricultural land.

It is suspected that the accused may have used the investors’ money to buy assets in several other countries also. The agency is now planning to send a team to Australia to probe the matter further, sources said.

The CBI is also taking assistance of the Enforcement Directorate (ED), which is also investigating the case, in its probe, they added. The CBI on January 8 had arrested Chairman-cum-Managing Director of Pearls Group Nirmal Singh Bhangoo and three other top officials of the group in connection with its ongoing investigations against them.