Yuvraj, Harbhajan linked to Rs 45,000 crore ponzi scheme: reports

Admin   |   20 January, 2016   |   1072   |   3980

Star Indian cricketers Yuvraj Singh and Harbhajan Singh have reportedly been linked with the multi-crore Pearls Group ponzi scheme.

According to media reports on Thursday, the Central Bureau of Investigation (CBI) is preparing a list of celebrities who were involved with the Rs 45,000-crore scheme that cheated millions of investors.

The reports said that Yuvraj and Harbhajan received plots in Mohali as gifts by the ponzi company and can be interrogated by the investigating agency.

The company’s CMD Nirmal Singh Bhangoo, along with three others, was arrested by the CBI on January 9 on charges of duping crores of investors.

According to a report in the Times of India, Bhangoo made a fortune by collecting money from 5.5 crore investors over two decades on the pretext of providing handsome returns on agricultural land investments.

The scheme begins by taking Rs 1,000 from investors, promising to double it within a month. But instead, the schemer pays them with funds made from other investors roped in as the scheme progresses.

The Pearls Group, which sponsored the Indian Premier League team Kings XI Punjab, also has interests in Kabaddi and golf leagues. The group also roped in former Australia fast bowler Brett Lee to be a brand ambassador.

Meanwhile, Yuvraj's mother Shabnam has refuted the claims, saying her son was not involved with the tainted Pearls Group.

"Pearl Group informed us to gift a plot as part of World Cup winning team in 2011. However, we have not received that plot," Shabnam was quoted by NDTV as saying.

Both Yuvraj and Harbhajan are part of India's squad for three-match T20 series against Australia later this month.