Chit fund scam: Punjab govt to sell properties of Pearl Group to return duped investors' money

Punjab Chief Minister Bhagwant Mann on Thursday said the state government has started the process of confiscating properties owned by the Pearl Group and selling it to compensate people who were allegedly duped by the chit fund company.

The state government will recover every single penny plundered from the people of Punjab, Mann said in a statement issued here. The properties of the Pearl Group have already been identified in various districts and a legal process has been initiated to acquire them, he stated. Red entries have been made in the revenue records so that no one can sell or purchase these properties, he said.

The Pearl Group had allegedly cheated many people in various parts of the country, including Punjab, by illegally operating different investment schemes.

Before coming to power, Mann, during his election campaign, had promised that after the formation of the AAP government, the hard-earned money of people who are the victims of the Ponzi scam will be returned by confiscating assets of chit fund companies.

The chief minister said the group had done a huge fraud against the people of the state for which it will be made accountable. The revenue records have already been checked to ensure complete transparency in the process, Mann said, adding that topmost priority has been accorded to this work so that these properties are confiscated by the government.

Mann said has directed the chief secretary and the director general of police to personally supervise this work for its smooth execution in a time-bound manner. The properties will be sold and every penny of the public will be returned to them,” he said.

Last month, the AAP government handed over an investigation into a scam by the group to the state vigilance bureau.

At that time, the government had said that efforts would be made by the bureau, in coordination with the Justice Lodha Committee set up by the Supreme Court to return the investments of the maximum number of duped investors.

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