Lucknow: Gurnam Singh, the alleged mastermind behind India’s largest Ponzi scheme scam case, had been on the run for several years.
Uttar Pradesh’s Economic Offences Wing (EOW) was finally rewarded after a renewed operation as Gurnam, the director of Pearls Agro-Tech Corporation Limited (PACL), was nabbed from Punjab Ropar district on Thursday.
The 69-year-old Gurnam is accused of orchestrating a massive investment fraud worth over Rs 49,000 crore.
Nearly 5 crore investors across Uttar Pradesh, Punjab, Rajasthan, Bihar, Delhi, Kerala and Andhra Pradesh have been duped.
Gurnam’s modus operandi was to lure small investors through PACL by promising great returns on investments in agricultural land. That promise was never fulfilled.
Formerly known as Gurwant Agrotech Limited, the company was registered in Jaipur. The name was later changed to Pearls Agro-Tech Corporation Limited.
The company allegedly opened branches in 10 states, and started banking operations without obtaining the mandatory Non-Banking Financial Company (NBFC) registration under RBI Act, 1934.
“The company is accused of collecting approximately Rs 49,000 crore from investors across these states, including Mahoba, Sultanpur, Farrukhabad and Jalaun in Uttar Pradesh, by promoting attractive schemes and promising land plots in exchange for RD (recurring deposit) and FD (fixed deposit),” PTI quoted EOW director general Neera Rawat as saying.
“However, the company neither provided the plots nor returned the deposited funds, with its operators absconding after shutting down offices,” added Rawat.
The Yogi Adityanath-headed Uttar Pradesh government assigned the investigation of PACL’s branch in Jalaun district to the EOW.
An FIR was registered at EOW police station, Kanpur, under various sections of BNS, including 409 (criminal breach of trust), 420 (cheating), 467 (forgery), 468 (forgery for purpose of cheating), 471 (using as genuine a forged document) and 120B (criminal conspiracy).
