The Enforcement Directorate has arrested Harsatinder Pal Singh Hayer, the son-in-law of the former Pearls Group chairman and managing director Nirmal Singh Bhangoo, on money laundering charges.
The case is based on a First Information Report registered by the Central Bureau of Investigation against PACL India Limited, PGF Limited, Nirmal Singh Bhangoo (who died in August 2024), and others. “They were involved in operating fraudulent investment schemes to deceive investors. Through these schemes, PACL and its directors defrauded investors of approximately ₹48,000 crore,” said the agency.
According to the ED, Mr. Hayer was a director in several associate companies of PACL Limited, including two Australian entities — Pearls Australasia Pty Limited and Australasia Mirage I-Pty Limited. PACL and its associates allegedly diverted ₹657.18 crore of the Proceeds of Crime (POC) to the Australian entities controlled by Mr. Hayer.
‘These funds were then invested by the Australian companies in various real estate properties in Australia. Further, Harsatinder Pal Singh Hayer was also dissipating the properties (POC) of PACL and its related entities in violation of the Supreme Court order dated July 25, 2016,” it said.
In this case, ED has already attached two immovable properties in Australia valued at ₹462 crore and various movable and immovable properties worth ₹244 crore in India.
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 has also filed two prosecution complaints against the accused persons and entities.
Published – March 22, 2025 03:36 pm IST