properties worth Rs 1,200 crore were sold illegally by the Pearls Group. A significant portion of the money was also diverted through shell entities and invested in Australian companies, amounting to approximately AUD 132.99 million. #pearlrefund@nsitharaman @SEBI_India
Pearls Group owner Nirmal Singh Bhangoo, who was accused of committing a Rs 45,000 crore scam and duping nearly 5.5 crore investors.
Thereafter, the Supreme Court formed the R M Lodha panel to ensure that duped investors received their refunds by selling Pearls Group properties.
According to the Lodha Panel’s website, investors who invested up to Rs 19,000 have been refunded so far.Meanwhile, at a time when the Supreme Court was trying to compensate the victims, the Punjab Police revealed that despite the Court’s prohibition,