Scam-hit investors protest against Pearls Group MD

Gurdeep Singh Mann

Tribune News Service

Bathinda, June 10

A large number of investors vent their ire by raising slogans against Pearls Group MD Nirmal Bhangu who was produced in a local court today for allegedly duping nearly five crore investors of about Rs 51,000 crore across the country.

A case was registered against him at the Cantonment Police Station and he was produced in the court of Judicial Magistrate Randeep Kumar who sent him to three days police remand.

The investors accused the government of allegedly shielding Bhangu as he was main sponsor of the four World Kabaddi Cups organised by the state.

They stated that the government did not hold any such event after a public outcry by nearly 25 lakh investors.

“Even the registration of a case against him is eyewash,” said members of the of Insaaf Di Awaz and All Investor Safety Organisation formed to highlight Bhangu’s connivance with the state government.

Mansa district president of the organisation Lalit Kumar alleged that Pearls Group owns two Sectors 96, 99, 100 and 104 - in Mohali, the details of which came out during investigations by the CBI.

“But even then the government has taken no steps to sell these properties and refund the victims, he alleged.

Over 7,000 complaints were sent to the police across the state against by the victims last month.

Active in the business of promising more interest than the banks since 1983, Bhangu’s companies not only managed to purchase large tracts of land in the country but also invested in hotels and hospitals, Lalit said.

SSP Swapan Sharma said that heavy police force was deployed in view of the protest by investors. Cases of cheating are under investigation and will be taken to their logical end, he said.