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Rs 60,000 cr Ponzi scam: Among 8 Pearl Group directors arrested in 8-yr probe, first one walks out on regular bail

Ponzi Scheme

Rs 60,000 cr Ponzi scam: Among 8 Pearl Group directors arrested in 8-yr probe, first one walks out on regular bail

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In the ongoing eight-year-old probe into the Rs 60,000 crore Pearl Group ponzi scam, a special CBI court has for the first time granted regular bail to a director of the dubious group of companies out of 8 such high-ranking officials arrested during the course of the investigation.

While Chander Bhushan Dhillon, Pearl Group’s director for legal affairs, has walked out after securing regular bail, 5 other arrested directors — Nirmal Singh Bhangoo (MD), Mohan Lal Sehajpal, Sukhdev Singh, Subrata Bhattacharya, and Gurmeet Singh — are in custody.

Among the two others, Prem Seth, who resigned as director after the scam came to light in 2014, is out on interim bail of 4 weeks on medical grounds, and will surrender next week.

Meanwhile, Kanwaljit Toor, a prominent director of the firm, had died in custody in January. His family now plans to move a petition against the CBI alleging negligence, sources said.

Dhillon, who had joined the Group in 1986, was made a director in 2011 and was among 11 alleged conspirators the agency arrested in December last year.

The court, in its detailed order released Tuesday, pointed out the probe agency’s failure to arrest two other accused with charges similar to Dhillon.

Pearl Group had allegedly collected around Rs 60,000 crore from nearly 5.5 crore investors all across the country by illegally operating different investment schemes, without any statutory approval.

The investors were given agriculture land guarantee, promised…

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