Rs 49,000 Crore Ponzi Scheme Waits to Explode, Beats Saradha Scope

Admin   |   31 December, 2015   |   706   |   3980

NEW DELHI: With as many as 5,85,40,150 investors, siphoning of over `49,000 crore and unidentified plots of land, the PACL Ponzi scheme, which is beginning to explode into a scam far bigger than West Bengal’s Saradha scam, has now reached the court of law. The Securities and Exchange Board of India (Sebi), armed with the order of Securities Appellate Tribunal (SAT), has filed a criminal case against the ponzi company in a bid to recover the hard-earned money of investors.

“A criminal case has been filed against PACL ponzi scam seeking maximum punishment to the masterminds and to recover the money. January 21, 2016, has been fixed for the hearing of this case,” A Sebi Official confirmed.

According to Sebi, in the guise of selling agricultural land, PACL has collected `49,100 crore from 5.85 crore customers by promising them that the investments in the schemes of PACL are highly profitable. Sebi’s investigation report said that PACL had collected `44,736 crore till March 31, 2012. Further, the company collected `4,364.78 crore from 39,97,357 customers during the period of February 26, 2013 to June 15, 2014.