Pearls Group CMD Nirmal Singh Bhangoo and three others, arrested in connection with alleged swindling of Rs 45,000 crore from over five crore investors, were on Saturday remanded to 10-day CBI custody by a Delhi court.
Metropolitan Magistrate Harvinder Singh sent Bhangoo and three top executives of Pearls Group of companies in CBI’s custody till January 19 after the agency said their custodial interrogation was required to find out the money trail and unearth the entire conspiracy.
Apart from Bhangoo, CMD of Pearls Golden Forest ltd and ex-Chairman of Pearls Australasia Pty limited, the other three arrested are Sukhdev Singh, MD and Promoter-Director of Pearls Agrotech Corporation ltd, Gurmeet Singh, Executive Director (Finance) and Subrata Bhattacharya, ED in PGF/PACl.
They were arrested under charges of criminal conspiracy and cheating of the IPC. During the hearing, CBI argued that huge money was bungled by the accused who had duped so many investors by luring them with attractive land deals.