Death of Pearls Group Owner Leaves 5.5 Crore Investors in Limbo, Justice path still uncertain for investors
Repay concern lies with Lodha Committee, Bhangoo family must help in recovery process: Dangarh
HARISH MONGA
Ferozepur, August 28, 2024: Nirmal Singh Bhangoo, owner of the Pearls Group, passed away in a Delhi hospital on Sunday after eight years in judicial custody. Bhangoo, accused of orchestrating a Rs 45,000 crore scam and duping 5.5 crore investors, has been in Tihar Jail since 2015.
Expressing sympathy for Bhangoo’s family, Mahinderpal Singh Dangarh, President, Insaaf Di Awaz, who has been advocating for the victims of the Pearls Group, said, No doubt the repay concern lies with Lodha Committee but Bhangoo family must help in recovery process.
Pic: Mahinderpal Singh Dangarh, President, Insaaf Di Awaz
The Supreme Court's decision in 2016 led to the seizure and auctioning of Bhangoo’s properties to recover funds for the defrauded investors, managed by the Lodha Committee.
After Bhangoo’s death, his daughter, Barindar Kaur Bhangoo, issued a public notice stating her father's dream was to return the investors' money. However, Dangarh criticized the statement, noting that neither Bhangoo nor his family made any effort to reimburse the investors while he was alive. He claimed that, despite a Supreme Court ban, properties linked to the Pearls Group were illegally sold, and evidence of this exists.
Dangarh further revealed that Barindar Kaur Bhangoo and her husband are currently facing a lawsuit for selling properties in violation of the court's orders. He emphasized that the responsibility to repay the investors lies solely with the Lodha Committee, and the Bhangoo family should provide complete information on all properties of the Pearls Group to aid the recovery process.
Dangarh also pointed out that while Nirmal Bhangoo was the Chairman of the Pearls Group, he was not the legal director of PACL, the entity that collected money from the public. Other family members and associates, including Sukhdev Singh, Gurmeet Singh, and Sarvotam Bhattacharya, are also detained in Tihar Jail. The path to justice remains uncertain for the millions of defrauded investors.