PACL’s Rs. 250 crore scam: Depositors urge Govt. to confiscate company assets and return money

PACL’s Rs. 250 crore scam: Depositors urge Govt. to confiscate company assets and return money

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.

June 7, 2017

10 COMMENTS ON THIS POST To “PACL’s Rs. 250 crore scam: Depositors urge Govt. to confiscate company assets and return money”

  1. Manju devi says:

    I hv fixed 7500 rupees in 2008 for 5 year claim…
    when it will back ?

  2. Arif says:

    i Have fixed Deposit Rs. 50000 2008 Claim When it Will Back?

  3. ravi says:

    Ravi prasad. I have fixed 50000 in 2011 cliam when it will back

  4. akash says:

    make a group of pacl agents and start protest against sebi or whoever it is handling wtsapp me 8054362346

  5. akash says:

    we have to unite against them to make this fast..i m urging you we have to unite .

  6. sudershana devi says:

    Sudershana devi
    From kangra H.P.
    I have fixed 600000 in 2011 cliam when it will back

  7. Prajwal says:

    PACL money will be refunded in the year 2026!!
    News from SEBI….!!!

  8. Jatinder says:

    We have invested 4-5 lakh rupees…..plz return our money….7973489989

  9. Rajani says:

    I had almost 30,custamers when I can brote back there money back

  10. Narottam kumar says:

    Dear Sir
    My Father was agent of PACL and total investment approxmetly 10 lacks rupees, but till now not received any positive respounce for returned the investor money. there is very big problem create in village people. pls. look in to the matter ad kindly resolved as soon as possible.
    Thanks & Regards,
    Narottam Kumar

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