Pearls Group Owner Nirmal Singh Bhangoo, Accused In Rs 60,000 Crore Ponzi Chit Fund Scam, Dies
New Delhi: Pearls Group chairman Nirmal Singh Bhangoo, who was main accused in the Rs 60,000 crore ponzi chit fund scheme, died in Deen Dayal Upadhyay Hospital on Sunday evening. He was 68Bhangoo was suffering from several medical complications and died in Deen Dayal Upadhyay Hospital. "Nirmal Singh Bhangoo died on 25th August at around 12:25 am in DDU Hospital. He was lodged in Jail No-8 since 2016 in six cases registered by different agencies including CBI and ED. Bhangoo had developed complications after kidney transplant. Yesterday he was taken to Jail Hospital and later at 6:20 PM, he was shifted to DDU," an official said. He had been in judicial custody for the last eight years.Bhangoo, originally from Barnala in Punjab, was arrested in 2016 after CBI investigations revealed that he had duped over five crores investors of Rs 60,000 crore. The federal agency - which had launched the probe following directions from the Supreme Court in 2014 - had found several lapses against two companies of Pearl Group. A separate money laundering investigation was carried out by Enforcement Directorate.One of his companies - Pearls Golden Forest (PGF) - had amassed millions before it was shut down due to income tax investigations in 1996.The Pearls Group was a major sponsor of the World Kabaddi Cup organised by the Punjab government in 2010, 2011, 2012, and 2013.
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