The Directorate of Enforcement (ED), Delhi Zonal Office, arrested Harsatinder Pal Singh Hayer, the son-in-law of the late Nirmal Singh Bhangoo, in connection with the multi-crore Pearl Agro Corporation Limited (PACL) fraud case.
Hayer was detained under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. A Special Court (PMLA cases) has sent him to ED custody for further investigation.
The case dates back to an FIR filed by the CBI, BSFC, New Delhi, under Sections 120-B and 420 of the Indian Penal Code (IPC), 1860, against PACL India Limited, PGF Limited, and its directors, including Bhangoo. The accused were involved in operating fraudulent investment schemes, deceiving investors of around Rs 48,000 crore. These schemes promised high returns to investors, but in reality, the money was siphoned off by the company’s directors.