₹50000 करोड़ का PACL Scam 💣💲!

#adigitalblogger #scam #sebi
Pearl Agrotech Corporation Limited or PACL Scam.

In FEB 2019, 5000 people in Delhi came together on Parliament street, to ask for their 50,000 Crore worth of hard earned money that they invested in PACL before it shut down in 2014.

What was this PACL?
The company was started in 1982. For 18 years, PACL and Pearls Golden Forest Limited(PGFL) illegally raised money from the poor on the pretext of sale and development of agriculture land. The company managed to tout false allotments of land to investors.

The company first came under the radar of SEBI in 1997, as PACL was running a Collective Investment Scheme (CIS) without SEBI’s permission.

SEBI found that without approval the company ran a collective savings scheme and frauded 5 crores 60 lakh common people. In August 2014, the SEBI ordered PACL to refund the money to their investors within a span of 3 months. To this, the company went to Securities Appellate Tribunal (SAT) against the Board. In 2015, SAT supported SEBI’s order. However, government inaction along with strong political connection, the money failed to be delivered. (Arun Jaitley was once its financial advisor)

Finally PACL had to pay the investors money back, but it had over the years invested in assets abroad such as Australia and this was confirmed by Federal Court in Australia.

SEBI and the government is still in the process refunding the huge number of investors all over India in this about 2 decades old scam