Orders to seize all assets of the Pearl Company

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Mann’s Action against Pearl Chit Fund: Taking a big decision, Punjab Chief Minister Bhagwant Mann has announced the confiscation of all properties of Pearl Chit Fund in Punjab. Mann said that those who have been victims of fraud will be given money by selling these properties.

The Punjab government has started the process of taking over all the assets of chit fund company Pearl in the state. Chief Minister Bhagwant Mann has given this information by tweeting. CM Bhagwant Mann said that by auctioning all the properties of the Pearl Company, the process of returning the hard earned money of the victims of fraud will be started. He said that the Punjab government has taken a decision in this regard.

CM Bhagwant Mann had said in May 2023 that action will be taken against the Pearl Company, which looted crores of rupees from people. He had said that the Punjab government will take over all the properties of the Pearl Company in the state after removing the legal hurdles.

Government has started the process of taking possession of all the property’s of chit fund company “Paarl” in Punjab.. It has been decided to start the process of returning their money to the people by auctioning it soon after completing the legal action. ..

— Bhagwant Mann (@BhagwantMann) June 29, 2023

Giving details in this regard, the Chief Minister said that the government will recover every penny looted from the people of the state. He said that the properties of Pearl Group have been identified in different districts and legal proceedings have also been initiated to acquire these properties. Bhagwant Mann said that red entries have been made in the property records so that no one can sell or buy the property.

The Chief Minister said that this group has committed a huge fraud on the people of the state due to which it will be held accountable at all costs. He said that revenue records have already been checked at the ground level to ensure transparency in the process. Bhagwant Mann said that this work was done on a priority basis so that the government could confiscate this property.

The Chief Minister said that he has Chief Secretary and DGP. directed to personally supervise the entire process for smooth and timely execution of this work. Bhagwant Mann said that this property will be sold and every penny of the people will be returned to them. He said that the state government is committed to ensure that people’s money is returned to them and exemplary action is taken against the company so that other such fraudulent companies can learn a lesson.

60 thousand crore fraud with 5.50 crore investors

The Pearl Group is alleged to have taken around 5.50 crore people to invest in property in the country. About 60 thousand crore rupees were earned from this, but this money was stolen by the company by giving fake allotment letters to the investors.

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