Duped investors of PACL start protest at Delhi to get money back

  • | Saturday | 27th October, 2018

Bathinda: Having lost their hard money to the chit fund companies, several persons from Punjab and other states on Friday started a month-long protest at Jantar Mantar at New Delhi. When the Supreme Court had formed a committee we were hopeful that we would be able to get our money back. The duped persons have formed a panel ‘Insaf Di Awaaz Punjab Committee’ to start the nationwide protest by joining hands with others who have lost money to the chit fund companies in various states.The investors are mainly affected from Pearl Agrotech Corporation Limited (PACL), part of Pearls Group, which owes nearly Rs 50,000 crore to millions of investors across the country. But it is over two and half years since formation of the committee and we are still on the roads. Now we have decided to hold month-long protest at Delhi where we expect many investors from other states to join hands”.According to him, their investigation in the matter revealed that there exist nearly 100 such companies which have duped over 30 crore investors from India.

Bathinda: Having lost their hard money to the chit fund companies, several persons from Punjab and other states on Friday started a month-long protest at Jantar Mantar at New Delhi. The duped persons have formed a panel ‘Insaf Di Awaaz Punjab Committee’ to start the nationwide protest by joining hands with others who have lost money to the chit fund companies in various states.The investors are mainly affected from Pearl Agrotech Corporation Limited (PACL), part of Pearls Group, which owes nearly Rs 50,000 crore to millions of investors across the country. The Supreme Court, on February 2, 2016, had constituted a committee under retired Chief Justice of India R M Lodha empowering it to take possession of the properties of PACL and return the money to investors after disposing off the properties.The investors have not got the money back even after two and a half years.Insaf Di Awaaz Punjab Committee convener Mohinderpal Dangarh of Barnala, who is leading the protest at Delhi, told TOI, “We have been holding protest for so many years without any success. When the Supreme Court had formed a committee we were hopeful that we would be able to get our money back. But it is over two and half years since formation of the committee and we are still on the roads. Now we have decided to hold month-long protest at Delhi where we expect many investors from other states to join hands”.According to him, their investigation in the matter revealed that there exist nearly 100 such companies which have duped over 30 crore investors from India. “We are getting the details of the investors and the sum involved as well as the exact number of companies involved.”He told that the chit fund companies, through its wide network of agents, lure investors by providing high rate of interest and the poor investors fall for it hoping to earn handsome returns but end up losing their hard earned money instead.

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