The founder of Pearls Group Nirmal Singh Bhangoo, who was arrested by Central Bureau of Investigation (CBI) in a massive ponzi scam of Rs. 45,000 crore, has passed away in New Delhi.
According to reports, Pearls Group founder Bhangoo was admitted to Deen Dayal Upadhyay Hospital in West Delhi after his health deteriorated in Tihar Jail.
Nirmal Singh Bhangoo was a resident of Barnala, Punjab. He used to supply milk on bicycle, his initial life was filled with hardship. Due to lack of employability in Punjab, Nirmal Singh Bhangoo moved to West Bengal.
In West Bengal, he started working in a chit fund company. Nirmal Singh Bhangoo started working with Peerless company of Kolkata.
After that, he started to work with Golden Forest India Limited. He worked with Golden Forest India Limited for many days but then the company shut down causing him to be unemployed again.
After this, Nirmal Singh Bhangoo started his own company. He named his company Pearls Golden Forest. He had already mastered the way to deceive people. He convinced people to invest in the plantation of sagwan trees in 1996. Bhangoo collected crores of rupees with this. This company had to be closed due to income tax and other investigations.
After this Nirmal Singh Bhangoo started a new company PACL. And Used to lure people with huge profits. It was a chain system. In this everyone used to add people below him. Due to greed, more than five crore people invested their earned money in this. Pearls Group has properties in many big cities including Delhi, Mumbai, Kolkata, Chandigarh, Mohali.
Bhangoo and three others were arrested by the CBI in January 2016 for the alleged swindling of Rs 45,000 crore from over five crore investors through enticing land deals.
Last year, the Punjab government started the process of confiscating properties owned by Pearls Group in connection with the multi-crore chit fund case, to compensate the people by selling them.