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India’s Biggest Scam: PACL Fraud King Arrested After Cheating 50 Laks People of ₹49,000 Crore

India’s famous fraud king PACL founder has been arrested.

India’s Biggest Scam: PACL Fraud King Arrested After Cheating 50 Laks People of ₹49,000 Crore

He started a new MLM company in the early part of 2000. Following this, he has cheated 5 crore people of Rs 49,000 crore.

Let’s see this news in detail:

PACL Agrotech company has cheated 5 crore Indian people of Rs 49,000 crore by claiming to give high interest to the people. This scam is considered a scam in India as it has cheated people by receiving a large amount of money.

Initially, it was started by Nirmal Singh from Punjab in Jaipur, Rajasthan, under the name of Gurwant Afrotech.

This company collected money from people by claiming to provide land to people and giving high interest.

Later, this company was started with the headquarters of PACL in Delhi, and after that, it started in 10 states of India such as Assam, Rajasthan, Uttar Pradesh, Madhya Pradesh, Kerala, Tamil Nadu.
They appointed some agents called MLM (Multi Level Marketing) and appointed two people under one person.

MLM (Multi Level Marketing) image source AI image

They took money from the people by telling them very attractive schemes, promising land or high interest rates. First, they took money from other rich people and gave money at high interest rates to those who gave money.

In 1999, PACL Agrotech filed a complaint with SEBI about this scheme and issued a notice to the company.

Following this, they justified their schemes in the court and filed a case till 2014. Until the time this case was going on, they were collecting money from the people.

What is the scheme of PACL?

The Basil Company’s scheme worked as planned, with the land being registered in the name of the investors within 90 to 270 days or the money being returned with high interest.

After a few months, the money was not returned to the people and when the investigation began, information started coming that there was no balance in the name of the PACL company and the money received from the people was being invested in Australia after deducting the commission amount.

Following this, the government ordered the PACL company to return the money received from the people by 2015.

But the PACL company did not return the money to the people, so the CBI and the Enforcement Directorate stepped in and during this investigation, it was revealed that about 5 crore people had been scammed to the tune of Rs 49,000 crore.

The Enforcement Directorate filed a charge sheet against the PACL company and filed a case against 10 people of the company.

While this case was going on, the founder of PACL Agrotech, Nirmal Singh, died.
Following that, Nirmal Singh’s son-in-law Bal Singh became the chairman of the company. Gurnam Singh was also a director of the company. Both of them are absconding.

Currently, the Uttar Pradesh police have arrested both of them after receiving information that they are absconding in a place called Ropar in Punjab.

What did the Uttar Pradesh police say about this?

The Uttar Pradesh police have registered a case for cheating 50 lakh people in Uttar Pradesh alone of Rs 19,000 crore.

Uttar Pradesh police officer Neera Rawat said that Nirmal Singh, a resident of Parnala in Punjab, started a dental business with his brothers while he was still studying in college. After completing his studies, he joined a private company in Kolkata.

The company took money from the public and employed people, and then the company was closed. Taking this act as an example, Nirmal Singh started his own company in 1983 and opened its branches across India. He defrauded 50 lakh people of Rs 19,000 crore. The Enforcement Directorate has arrested the directors of that company, frozen the assets of that company, sold those assets and returned the frozen money to the people.