The Vigilance Bureau (VB) Punjab on Thursday arrested the absconding accused Prem Kaur, the wife of Nirmal Singh Bhangoo, managing director, Pearls Golden Forest (PGF) Ltd.
An official spokesperson said Kaur was nominated in this case for alienating properties belonging to chit fund company, Pearls Agrotech Corporation Limited (PACL) Limited and its subsidiary companies in Punjab and authorising a close confederate to alienate or sell out the properties belonging to PACL Ltd. in violation of order of Supreme Court.

The spokesperson said the Bureau has arrested accused Prem Kaur, resident of House No. 2138, Phase VII, SAS Nagar in case registered on 16 July 2020 under Section 406, 420, 467, 468, 471, 120-B of IPC at police station city Zira, Ferozepur. She didn’t not joined investigation in this case and was absconding, he said.

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Kaur has also remained Director in many group companies of PACL. Her husband Nirmal Singh Bhangoo, Managing Director of PGF Ltd had already been charge-sheeted by the CBI in the PACL Ltd. ponzi scam amounting to Rs 50,000 Crore approximately invested by around five crore gullible investors of various states including Punjab.

A high level committee under the chairmanship of Justice (Retd.) RM Lodha had been constituted pursuant to the order of Supreme Court to sell the properties of PACL Ltd and use the sale proceeds to refund the innocent investors who have invested their hard earned money in this chit fund company.

The spokesperson said Prem Kaur was instrumental in alienating properties belonging to PACL Ltd and its subsidiary companies in Punjab and authorised a close confederate to sell properties belonging to PACL Ltd. in violation of order of Supreme Court issued on 25 July 2016 restraining sale or transfer of any of the properties wherein PACL has, in any manner, within or outside India.

The Pearl group had allegedly cheated many people in various parts of the country by illegally operating different investment schemes. Before coming to power, Chief Minister Bhagwant Mann during his election campaign had promised that after the formation of Aam Aadmi Party government, the hard-earned money of people, who are the victims of Ponzi scam, will be returned by confiscating assets of chit fund companies.