The Securities and Exchange Board of India (SEBI) has cautioned investors over PACL’s illegal money-pooling case and warned them against dealing with any property where the group and its promoters have interests.
The market regulator found Pearls Agrotech Corporation (PACL) had raised more than Rs 60,000 crore through illegal combined investment schemes over a period of 18 years.The money had been collected from the public in the name of agriculture and real estate business. This new advisory came in after SEBI received complaints or information that certain entities are attempting to sell such properties.
In a statement, SEBI said “The public is therefore once again cautioned against buying/dealing with any properties wherein PACL Ltd or any of its associates/subsidiaries have any interest/rights, directly or indirectly”. The investors have been, further, instructed to rely only on the public notices and press releases published by the committee or SEBI which are available on the regulator’s website.
The market regulator clarified that only a panel headed by retired Justice R M Lodha, which was constituted in 2016, is authorised to sell the properties of PACL, following which the panel initiated the process of refunds for investors of PACL.