Latest news with #Hayer
Time of India
10 hours ago
- Business
- Time of India
Court summons ex-Pearls Group head Nirmal Singh Bhangoo kin in money laundering case
New Delhi: A Delhi court has summoned the son-in-law of late Pearls Group chairperson Nirmal Singh Bhangoo in a money laundering investigation linked to an alleged Rs 48,000 crore Ponzi scheme in which numerous investors were duped. Special judge Jagdish Kumar directed Bhangoo's son-in-law Harsatinder Pal Singh Hayer to appear before the court on July 18. Hayer was arrested by the ED in March and is currently in judicial custody. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo The judge on June 9 found prima-facie sufficient material on record against Hayer. "I have gone through the documents and statements of the witnesses there are sufficient material on record against Harsatinder Pal Singh Hayer and MBD Housing Complex Private Limited for the offence of money laundering... to summon them as an accused. Let they be summoned for July 18, 2025," the judge said. Live Events The money laundering investigation of 2015 stems from a CBI FIR against against Pearls Agrotech Corporation Limited ( PACL ) India Limited, PGF Limited, Bhangoo and others for operating "fraudulent" investment schemes to deceive the investors. The chargesheet, filed through ED's special public prosecutor N K Matta along with advocate Faizan Khan, alleged through these schemes, PACL and its directors "defrauded" the investors for about Rs 48,000 crore. Hayer was a director in several associate companies of PACL Limited, including two Australian entities -- Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd, the ED said. PACL and its associates diverted Rs 657.18 crore of "proceeds of crime" to these Australian entities "controlled" by Hayer, the ED alleged. These funds were then "invested" by the Australian companies in various real estate properties in Australia. Hayer was also "dissipating" the properties of PACL and its related entities "in violation" of a Supreme Court order of July 25, 2016, it said. The ED has attached assets worth Rs 706 crore, including Rs 462 crore worth two immovable properties in Australia, and has filed two chargesheets against PACL, Bhangoo and others. "These asset details have been shared with the Justice Lodha Committee, appointed by the Supreme Court, for overseeing the process of property disposal and restituting the money to investors," the ED said. Bhangoo died in August last year.
Hindustan Times
11 hours ago
- Business
- Hindustan Times
Court summons ex-Pearls Group head Nirmal Singh Bhangoo kin in money laundering case
New Delhi, A Delhi court has summoned the son-in-law of late Pearls Group chairperson Nirmal Singh Bhangoo in a money laundering investigation linked to an alleged ₹ 48,000 crore Ponzi scheme in which numerous investors were duped. Court summons ex-Pearls Group head Nirmal Singh Bhangoo kin in money laundering case Special judge Jagdish Kumar directed Bhangoo's son-in-law Harsatinder Pal Singh Hayer to appear before the court on July 18. Hayer was arrested by the ED in March and is currently in judicial custody. The judge on June 9 found prima-facie sufficient material on record against Hayer. "I have gone through the documents and statements of the witnesses there are sufficient material on record against Harsatinder Pal Singh Hayer and MBD Housing Complex Private Limited for the offence of money laundering... to summon them as an accused. Let they be summoned for July 18, 2025," the judge said. The money laundering investigation of 2015 stems from a CBI FIR against against Pearls Agrotech Corporation Limited India Limited, PGF Limited, Bhangoo and others for operating "fraudulent" investment schemes to deceive the investors. The chargesheet, filed through ED's special public prosecutor along with advocate Faizan Khan, alleged through these schemes, PACL and its directors "defrauded" the investors for about ₹ 48,000 crore. Hayer was a director in several associate companies of PACL Limited, including two Australian entities Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd, the ED said. PACL and its associates diverted ₹ 657.18 crore of "proceeds of crime" to these Australian entities "controlled" by Hayer, the ED alleged. These funds were then "invested" by the Australian companies in various real estate properties in Australia. Hayer was also "dissipating" the properties of PACL and its related entities "in violation" of a Supreme Court order of July 25, 2016, it said. The ED has attached assets worth ₹ 706 crore, including ₹ 462 crore worth two immovable properties in Australia, and has filed two chargesheets against PACL, Bhangoo and others. "These asset details have been shared with the Justice Lodha Committee, appointed by the Supreme Court, for overseeing the process of property disposal and restituting the money to investors," the ED said. Bhangoo died in August last year. This article was generated from an automated news agency feed without modifications to text.
Time of India
10-06-2025
- Business
- Time of India
PMLA court takes note of ED complaint in Rs 48,000cr PACL scam
1 2 Chandigarh: A special PMLA court in New Delhi on Monday took cognisance of a supplementary prosecution complaint filed by the Enforcement Directorate (ED) against Harsatinder Pal Singh Hayer and others in the Rs 48,000 crore PACL investment scam. The complaint, filed on May 17, targets Hayer and others under the Prevention of Money Laundering Act (PMLA), 2002. T he ED's investigation stems from an FIR registered by the CBI, BSFC, New Delhi, under Sections 120 B and 420 of the IPC, 1860, alleging that PACL, PGF, their directors, including N S Bhangoo and others, ran fraudulent investment schemes that duped lakhs of investors across India, an ED release stated. According to the ED, Hayer, son-in-law of the late Bhangoo, was arrested on March 21, 2025, and is currently in judicial custody. ED investigations reveal that funds collected by PACL were diverted to entities such as MDB Housing Complex Private Limited, controlled by Hayer. This diversion was allegedly intended to conceal the illicit origin of the funds and portray these tainted assets as legitimate. Multiple immovable properties in Mumbai, Punjab, and Haryana were reportedly purchased by Hayer between 2011 and 2014 using funds collected from PACL investors. The ED stated these properties constitute "proceeds of crime (POC)," which Hayer allegedly knowingly possessed, used, and claimed as untainted, even engaging in their dissipation. The PMLA investigation also uncovered Hayer's alleged involvement in the illicit transfer of funds amounting to Rs 657.18 crore abroad.
