The CBI on Friday started the process of handing over documents of over Rs5,000 crore worth of assets and 79 luxury cars of Pearls’ Group, seized by it, to the special committee of SEBI that will liquidate the properties in order to refund money to the defrauded investors.
CBI sources said the agency had recovered about 20,000 documents related to the group’s properties estimated to be worth Rs5,000 crore which was said to be in addition to the 66 offices located in upscale localities in the national capital.
The agency had also taken into its possession original documents of 79 luxury cars from PGF and PACl which included Rolls Royce, Porsche Cayene, Bentley, BMW 7-series and handed over the documents to the committee.
The sources said Rs108 crore which has been frozen by CBI and deposited at the Delhi High Court in the case has also been transferred to the SEBI account.
The Supreme Court on February 2 had appointed the expert committee headed by the former Chief Justice of India RM lodha to monitor the sales of assets and refund of money to the investors of PACl.
Meanwhile, bail pleas by Pearls group executives Gurmeet Singh and Subroto Bhattacharya were rejected by a sessions court here.
The Securities and Exchange Board of India (SEBI) has initiated recovery proceedings against PACl ltd and its promoters and directors, including Nirmal Singh Bhangoo, for their failure to refund Rs49,100 crore to investors.