PACL, PGF runs illeagal schemes, frauds and forgery: CBI

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New Delhi | January 11, 2016 12:20 PM

In its FIR, CBI has claimed that PACL and PGF were running schemes illegally and both the companies were allegedly engaged in fraudulent activities including forgery in their day-to-day operations.

In its FIR, CBI has claimed that PACL and PGF were running schemes illegally and both the companies were allegedly engaged in fraudulent activities including forgery in their day-to-day operations.

“Investigation also revealed that the accused persons fraudulently diverted the alleged funds collected under the aegis of Jaipur-based private company for purported investment in Australian companies. So far 132.99 mn AUD (approx) found to have been diverted to Australian companies,” Gaur said.

It was revealed that PGF, on being directed by the High Court of Punjab and Haryana to wind up the scheme and refund the money to the investors, a similar fraudulent scheme was operated under the name of PACL with office at Barakhamba Road in New Delhi, CBI had alleged in its FIR.

It alleged that funds collected from new investors of PACL were used to repay the earlier investors of PGF to stave off criminal prosecution.

CBI further alleged funds have been raised by the two companies through a vast network of lakhs of commission agents spread all over the country who were being paid hefty commissions for luring the investors.

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