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Probing a Ponzi scheme worth Rs 45,000 crore referred to as the Pearl scam for the last two years, Central Bureau of Investigation (CBI) has identified properties worth Rs 5,000 crore across the country and scrutinising investments in Australia amassed by Nirmal Singh Bhangoo, the arrested owner of Pearl group. Investigators say they are scanning over 20,000 documents related to properties in Punjab, Haryana, Delhi and Maharashtra. Sources said it is estimated that the properties could be worth Rs 1.85 lakh crore in terms of current market rates.
Sources say close to 150 Australian dollars amounting to over Rs 650 crore were stashed away to Australian companies linked to Bhangoo.
Bhangoo is accused of running a Ponzi scheme giving land guarantee to lure investors who paid a certain amount of money. It is estimated that over 5 crore investors were conned in the pyramid scheme.