Rs 49,000cr ponzi scheme: Accused held; 5 crore investors duped in one of India’s biggest frauds ...Middle East

Uttar Pradesh's Economic Offences Wing arrested Gurnam Singh, a director at Pearls Agro-Tech Corporation Limited, for his involvement in a massive Rs 49,000 crore Ponzi scheme. PACL allegedly defrauded five crore investors across 10 states by promising land plots and high returns, but failed to deliver. The company operated without proper NBFC registration, luring investors with deceptive real estate schemes.

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