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Indian Express
6 days ago
- Business
- Indian Express
SEBI warns public about scamsters sending forged communications: What investors need to know
The Securities and Exchange Board of India (Sebi) on Wednesday has asked investors or public to exercise caution when receiving any communication purportedly issued on its behalf. The word of caution comes after the markets regulator found that some investors had received notices from individuals who falsely claimed to be Sebi officials. These fraudsters have forged Sebi's letterhead, recovery certificates, logo and seal to send communications to individuals with an intention to commit fraud. How are investors being misled? The markets regulator noticed that certain individuals have received communication wherein the sender falsely claims to be an official of Sebi using the market watchdog's letterhead, logo and seal. In certain instances, the sender issued notices through social media platforms asking for payment of fine to prevent Sebi from taking action against the recipient. In other fraudulent cases, the sender forged a sale certificate to show that he was a buyer of Pearl Agro Corporation Ltd (PACL) property. The PACL scam was the biggest in history wherein around 5 crore investors were defrauded of around Rs 50,000 crore by the company. In 2020, a total of 28,974 properties belonging to PACL and its group entities were put on sale in order to repay investors, who had invested their funds in the company. Sebi further said in certain cases, the sender issued a fake certificate of use of a third-party vendor account. What has Sebi told investors? The regulator has urged investors or members of the public to exercise caution. It has urged them to verify the authenticity of any communication that they might deem to have received from Sebi. Investors can confirm about any such communications from Sebi's website. Investors are advised to be vigilant while dealing with communication/senders demanding information or payment on behalf of Sebi. How to check authenticity of any Sebi communication? Sebi said any communication from the markets regulator can be verified from its official website in the following manner: i) Every order passed by Sebi bears a unique reference number and is available on its website under the path 'Home>Enforcement>Orders' ii) Every recovery certificate issued by Sebi is available on its website under the path 'Home>Enforcement>Recovery Proceedings' iii) Every official communication such as letter, notice, show-cause notice, summons, etc., issued by Sebi bears a unique document identification number (UDIN). The same may be verified from the website under the path 'Home>Authenticate Document Number Issued by SEBI' iv) Names, email IDs and contact numbers of Sebi officials are available on its website under the path 'Home > About >Sebi Directory' v) Official electronic communication from the markets regulator is issued through the official e-mail IDs of Sebi officials. These email IDs end with domain address '@
Hans India
27-04-2025
- Business
- Hans India
ED conducts searches in Jaipur under PMLA
Jaipur: Directorate of Enforcement (ED), Delhi Zonal Office said on Sunday that they conducted a search operation in Rajasthan's Jaipur, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with an ongoing investigation involving M/s PGF Ltd.; M/s PACL Ltd.; their directors and others. ED, in a statement, said that the searches were carried out on the basis of the FIR registered by the CBI, BSFC, New Delhi, under Sections 120-B and 420 of the IPC, 1860 against M/s PACL India Limited, M/s PGF Limited, Nirmal Singh Bhangoo and others. 'They were involved in operating fraudulent investment schemes to deceive investors. Through these schemes, PACL and its Directors defrauded investors of approximately Rs 48,000 crore,' said the ED. The central investigating agency said that Harsatinder Pal Singh, son-in-law of Late N S Bhangoo, was arrested by the ED on March 2 and is currently in judicial custody. 'During the search, it was revealed that Shravan Singh Chauhan, Indra Singh, and their associates have been illegally occupying a property belonging of M/s. PACL since 2017 and operating a commercial venture thereby, generating illicit revenues and further misappropriating Proceeds of Crime ( POC) derived from the PACL Ltd. fraud, which had impacted investors nationwide,' it said. The agency said that incriminating digital evidence and a luxury car owned by the illegal occupier were found and seized. The central agency further added that the search marks a significant step in securing properties acquired through POC and reinforces the Directorate's commitment to ensuring justice for defrauded investors. It added that further legal action is underway, and coordination with law enforcement agencies is being pursued for registering appropriate criminal cases against the involved individuals.
