Rs 49,000 Crore Investment Scam: PACL Director Gurnam Singh Arrested in Punjab

Singh, 69, is accused of playing a key role in a massive fraudulent scheme that reportedly misled over five crore people across at least ten states, including Uttar Pradesh, Punjab, Delhi, Rajasthan, Bihar, and Kerala. PACL allegedly promised high returns and land ownership under false real estate ventures, despite not having registration as a Non-Banking Financial Company (NBFC), a requirement under the Reserve Bank of India regulations.

Authorities state that PACL operated like a pyramid scheme — early investors were paid with the money from new investors. Agents, who were incentivized through substantial commissions, were encouraged to recruit their own networks, often involving friends and family. Large-scale seminars were also held to draw in more participants.

Initially incorporated as Guruvant Agro-Tech Ltd in Jaipur in 1996, the company was renamed PACL Ltd in 2011 and operated its head office from Barakhamba Road in New Delhi. The company expanded widely in Uttar Pradesh, establishing branches in districts like Mahoba, Jalaun, Sultanpur, and Farrukhabad, pushing fake land investment plans. While receipts were issued to investors, neither plots of land nor the promised financial gains ever materialized.

The Enforcement Directorate (ED) has also filed an additional chargesheet against PACL and its affiliates. Investigations reveal that over Rs 19,000 crore collected from Uttar Pradesh alone was funneled through shell companies, including MDB Housing — a firm linked to Harsatinder Pal Singh Hayer, son-in-law of PACL's founder, Nirmal Singh Bhangoo. Hayer is presently in judicial custody.

Bhangoo, who once worked as a milkman in Barnala, Punjab, is believed to have used the defrauded funds to construct a vast real estate empire. Authorities continue to follow the money trail and pursue others still at large in the case.