Mysuru: The PACL Tevanidarara Hitarakshana Horata Samithi President Muddalingegowda has urged the Government to confiscate the properties of Pearl Agrotech Corporation Limited (PACL) which had cheated its depositors to the tune of Rs. 250 crore and return their deposits.

Addressing a press meet at Patrakarthara Bhavan here yesterday, Muddalingegowda said that PACL company, which functioned well till 2013, had also given the maturity amount to its depositors, but after 2013, the company failed to give the maturity amount to its depositors.

According to sources, the company had made properties illegally, following which the Police conducted raids on all its branches resulting in the company closing all its branches in the country, he said.

In the meantime, a Committee, led by former CJI Justice R.M. Lodha, was formed to trace the properties of PACL and submit a report within six months, Muddalingegowda said and added that since there is no development in this regard, the depositors were harassing the agents.

He said that the company had collected Rs. 250 crore as deposits from thousands of depositors in the district through hundreds of agents and later cheated them. He urged the Government to return the deposits after confiscating the properties of PACL.

PACL Agents B. Ganapathirao, Lokesh, Sunitha Sritaj and others were present.