New Delhi: A Delhi court has summoned the son-in-law of late Pearls Group chairperson Nirmal Singh Bhangoo in a money laundering investigation linked to an alleged Rs 48,000 crore Ponzi scheme in which numerous investors were duped.
Special judge Jagdish Kumar directed Bhangoo's son-in-law Harsatinder Pal Singh Hayer to appear before the court on July 18.
Hayer was arrested by the ED in March and is currently in judicial custody.
The judge on June 9 found prima-facie sufficient material on record against Hayer.
"I have gone through the documents and statements of the witnesses carefully....prima-facie, there are sufficient material on record against Harsatinder Pal Singh Hayer and MBD Housing Complex Private Limited for the offence of money laundering... to summon them as an accused. Let they be summoned for July 18, 2025," the judge said.
The money laundering investigation of 2015 stems from a CBI FIR against against Pearls Agrotech Corporation Limited ( PACL) India Limited, PGF Limited, Bhangoo and others for operating "fraudulent" investment schemes to deceive the investors.
The chargesheet, filed through ED's special public prosecutor N K Matta along with advocate Faizan Khan, alleged through these schemes, PACL and its directors "defrauded" the investors for about Rs 48,000 crore.
Hayer was a director in several associate companies of PACL Limited, including two Australian entities -- Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd, the ED said.
PACL and its associates diverted Rs 657.18 crore of "proceeds of crime" to these Australian entities "controlled" by Hayer, the ED alleged.
These funds were then "invested" by the Australian companies in various real estate properties in Australia.
Hayer was also "dissipating" the properties of PACL and its related entities "in violation" of a Supreme Court order of July 25, 2016, it said.
The ED has attached assets worth Rs 706 crore, including Rs 462 crore worth two immovable properties in Australia, and has filed two chargesheets against PACL, Bhangoo and others.
"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 said.
Bhangoo died in August last year.
Special judge Jagdish Kumar directed Bhangoo's son-in-law Harsatinder Pal Singh Hayer to appear before the court on July 18.
Hayer was arrested by the ED in March and is currently in judicial custody.
The judge on June 9 found prima-facie sufficient material on record against Hayer.
"I have gone through the documents and statements of the witnesses carefully....prima-facie, there are sufficient material on record against Harsatinder Pal Singh Hayer and MBD Housing Complex Private Limited for the offence of money laundering... to summon them as an accused. Let they be summoned for July 18, 2025," the judge said.
The money laundering investigation of 2015 stems from a CBI FIR against against Pearls Agrotech Corporation Limited ( PACL) India Limited, PGF Limited, Bhangoo and others for operating "fraudulent" investment schemes to deceive the investors.
The chargesheet, filed through ED's special public prosecutor N K Matta along with advocate Faizan Khan, alleged through these schemes, PACL and its directors "defrauded" the investors for about Rs 48,000 crore.
Hayer was a director in several associate companies of PACL Limited, including two Australian entities -- Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd, the ED said.
PACL and its associates diverted Rs 657.18 crore of "proceeds of crime" to these Australian entities "controlled" by Hayer, the ED alleged.
These funds were then "invested" by the Australian companies in various real estate properties in Australia.
Hayer was also "dissipating" the properties of PACL and its related entities "in violation" of a Supreme Court order of July 25, 2016, it said.
The ED has attached assets worth Rs 706 crore, including Rs 462 crore worth two immovable properties in Australia, and has filed two chargesheets against PACL, Bhangoo and others.
"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 said.
Bhangoo died in August last year.
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