Pearls Group

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The Pearls Group was an Indian group of companies founded by Nirmal Singh Bhangoo involved in ponzi scheme.

Bhangoo previously worked for Peerless Group before he founded his own company. [1]

One company called Guruvant Agro-Tech Ltd was founded in Jaipur in 1996, it was rebranded in 2011. [2] Punjab Agro Company Limited (PACL) mobilised funds since 1997. [3] [4]

The group's Ponzi scheme used funds from new investors in order to repay earlier investors and giving commission to agents for recruiting new investors. [2]

Australian cricketer Bret Lee was hired by the company as the brand ambassador while Indian cricketers such as Harbhajan Singh and Yuvraj Singh received gifts from the company. [5]

The company collapsed in 2014 after Indian agency Central Bureau of Investigation raided the company's operations and uncovered the scam of 45,000 crores. [6] [7]

Bhangoo was jailed in 2016. He died on 26 August, 2024. [1] After his death, Bhangoo's daughter announced the money will be returned to investors. [8]

As of 2024, only 21 lakh out of 5.5 crore investors were refunded with their money. [9]

References

  1. 1 2 Nibber, Gurpreet Singh (26 August 2024). "Pearls Group chief Bhangoo passes away". Hindustan Times. Retrieved 2 October 2025.
  2. 1 2 "Pearls director held in Rs 49,000-crore Ponzi scam". The Tribune. 12 July 2025. Retrieved 26 September 2025.
  3. ↑ "PACL Scam: ED Files Chargesheet in the Rs49,100 crore Fraud". Moneylife NEWS & VIEWS. 12 September 2018. Retrieved 2 October 2025.
  4. ↑ Kalra, Aditya (8 January 2016). "PACL chief Nirmal Singh Bhangoo arrested in $6.8 billion investment scam". mint. Retrieved 2 October 2025.
  5. ↑ "Yuvraj Singh, Harbhajan Singh linked to Rs 45,000 crore ponzi scam". Daijiworld.com. 14 January 2016. Retrieved 2 October 2025.
  6. ↑ Sehgal, Abhishek BhallaManjeet (5 April 2014). "CBI grills Pearls Group boss on Rs 45,000 crore ponzi money". India Today.
  7. ↑ "Austrade knew Pearls Group 'looked like Pyramid Scheme' years before collapse". 16 November 2016 – via www.abc.net.au.
  8. ↑ Singh, Jupinderjit (28 August 2024). "Nirmal Bhangoos daughter vows to pay back to all investors of pearl group". The Tribune. Retrieved 2 October 2025.
  9. ↑ Modi, Diksha (27 August 2024). "Pearls Group Owner Passes Away; What Happens to 5 Crore Investors He 'Scammed' in Rs 45,000-Crore Chit Fund?". News18. Retrieved 26 September 2025.
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