The Directorate for enforcement of law filed a supplement to a complaint against the Harsatinder Pal Singh Hayer, the son of the then director of the President of the Pearls-Cum Nirmal Singh Bhangoo, and others in the case of PACL including 48,000 GBP.
The case is based on the first information report registered by the Central Investigation Office against PACL India Limited, PGF Limited, Nirmal Singh Bhangoo (who died in August 2024) and others. A special court in Delhi realized a complaint on June 9. Mr. Hayer was arrested in March and is currently in judicial custody.
According to the agency, PACL, PGF Limited, Nirmal Singh Bhangoo and others were involved in operational fraudulent investment programs to cheat on investors. As mentioned, the funds were diverted to a subject such as MDB Housing Complex Private Limited, dominated by Mr. Hayer. In 2011–2014, several immovable property was purchased in Mumbai, Pandjab and Haryana by means of funds collected from investors by PACL.
“Despite the fact that these properties have been purchased from POC (crime proceedings), Harsatider Pal Singh Hayer continued to own, used, claimed and projected these qualities as unsatisfactory qualities in his name,” Ed said, “Mr. Hayer also” also dispersed “.
Mr. Hayer, director of several associated PACL companies, including Pearls Australlasia Pty Ltd and Australlasia Mirage I-PTY LTD in Australia, reportedly played a key role in illegal transfer and parking of funds of 657.18 crore abroad. Money was used to buy real estate in Australia.
“Details of these connected real estate have been submitted to the Justice Lodha Committee, which was appointed by the Supreme Court to affect investors and restitution,” the agency said, adding that she had previously filed two complaints about prosecution.
Published – 10 June 2025 23:34
