PACL and Pearls Golden Forest Limited (PGFL) had collected a large amount of money in ponzi schemes under the garb of sale and development of agricultural land from six crore investors
Mumbai : In an attempt to recover their lost fortune after being duped by PACL (Pearls) Ltd in a ponzi scheme, investors are going to hold a mega meeting on December 15 demanding that SEBI take control of the company’s assets and bank accounts for not executing the order issued by SEBI.
All India PACL (Pearls) Investors Association, an association of investors, has organised this meeting-cum-protest to push SEBI to execute its penalty order of Rs 7,269.5 crore on PACL Ltd and its four directors for illegal and fraudulent mobilisation of funds from the public. The order was issued by SEBI on August 12 earlier this year, and it stated the company deserves “maximum penalty” for such large-scale duping of the common man. According to the association, even after 120 days, PACL is ignoring the order.
“SEBI must take control of all bank accounts, property, assets of PACL (Pearls) Ltd and refund the depositor money,” a statement from the association read. It added that SEBI is requested to open a counter to receive written complaints from each investor. The “investment” sum was collected by PACL and Pearls Golden Forest Limited (PGFL) in ponzi schemes under the garb of sale and development of agricultural land from six crore investors across the country.
“The association will hold a massive meeting on December 15 at 11:30 am at Azad Maidan. A delegation is also planning to meet SEBI authorities for implementation of the SEBI order,” said Vishwas Utagi, convenor, AIPACL (Pearls) Investor Association. The association also demanded that SEBI must further strengthen the regulations to plug the loopholes and create an infrastructure to help investors.
