Punjab Government to sell Pearls group assets, return money to duped investors

Punjab Government to sell Pearls group assets, return money to duped investors

Chandigarh: Chief Minister Bhagwant Mann on Thursday said the state government had started the process of confiscating the properties owned by the Pearls group and selling it to compensate people, who were allegedly duped by the chit fund company. The state government will recover every single penny plundered from the people of Punjab, Mann said.

“The properties of the Pearls group have already been identified in various districts and a legal process has been initiated to acquire these,” he said. “Red entries have been made in the revenue records so that no one can sell or purchase these properties,” he added.

Ponzi scheme

The Pearls group had allegedly cheated many people in various parts of the country, including Punjab, by illegally operating different investment schemes

During his election campaign, Mann had promised that the hard-earned money of people will be returned by confiscating assets of chit fund companies

The Pearls group had allegedly cheated many people in various parts of the country, including Punjab, by illegally operating different investment schemes.

Before coming to power, Mann, during his election campaign, had promised that after the formation of the AAP government, the hard-earned money of people who are the victims of the Ponzi scam will be returned by confiscating assets of chit fund companies.

Legal process initiated

The properties of the Pearls group have already been identified and a legal process has been initiated to acquire them. Red entries have been made in the revenue records so that no one can sell or purchase these properties. —Bhagwant Mann, Chief Minister

The Chief Minister said the group had done a huge fraud against the people of the state for which it will be made accountable.

The revenue records have already been checked to ensure complete transparency in the process, Mann said, adding that top-most priority has been accorded to this work so that these properties are confiscated by the government. Mann said he has directed the Chief Secretary and the DGP to personally supervise this work for its smooth execution in a time-bound manner.

“The properties will be sold and every penny of the public will be returned to them,” he said. Last month, the AAP government handed over an investigation into a scam by the group to the state vigilance bureau.

At that time, the government had said efforts would be made by the bureau, in coordination with the Justice Lodha Committee set up by the Supreme Court to return the investments of the maximum number of duped investors.

The Chief Minister said the state government was committed to ensuring that the money of the people was returned and exemplary action taken against the company.