ED arrests son-in-law of former Pearls Group chief in ₹48,000-crore case

The Enforcement Directorate has arrested Harsatinder Pal Singh Hayer, the son-in-law of the previous Pearls Group chairman and managing director Nirmal Singh Bhangoo, on cash laundering prices.

The case relies on a First Info Report registered by the Central Bureau of Investigation towards PACL India Restricted, PGF Restricted, Nirmal Singh Bhangoo (who died in August 2024), and others. “They had been concerned in working fraudulent funding schemes to deceive traders. By way of these schemes, PACL and its administrators defrauded traders of roughly ₹48,000 crore,” stated the company.

Based on the ED, Mr. Hayer was a director in a number of affiliate firms of PACL Restricted, together with two Australian entities — Pearls Australasia Pty Restricted and Australasia Mirage I-Pty Restricted. PACL and its associates allegedly diverted ₹657.18 crore of the Proceeds of Crime (POC) to the Australian entities managed by Mr. Hayer.

‘These funds had been then invested by the Australian firms in varied actual property properties in Australia. Additional, Harsatinder Pal Singh Hayer was additionally dissipating the properties (POC) of PACL and its associated entities in violation of the Supreme Courtroom order dated July 25, 2016,” it stated.

On this case, ED has already connected two immovable properties in Australia valued at ₹462 crore and varied movable and immovable properties price ₹244 crore in India.

These asset particulars have been shared with the Justice Lodha Committee, appointed by the Supreme Courtroom, for overseeing the method of property disposal and restituting the cash to traders. The ED has additionally filed two prosecution complaints towards the accused individuals and entities.