New Delhi, February 27
The CBI has registered cases against Delhi-based Pearl Group known as PGF Limited and the PACL Limited and their promoters — Nirmal Singh Bhangoo and Sukhdev Singh — on the alleged charges of collection of huge deposits from the public under the garb of allotment of agricultural land to depositors, sources said.

The sources said that initial investigation revealed an alleged scam to the tune of around Rs 45,000 crore in a case relating to an alleged fraud by the firm which raised investments from over five crore investors through investment scheme under the garb of sale and development of agricultural land.

The enquiry found prima facie evidence of the firm having raised investments by issuing bogus land allotment letters. The investigation also revealed that when the PGF was directed by the Punjab and Haryana High Court to wind up the scheme and make refunds to the investors, it operated a similar fraudulent scheme under the name of the PACL. Funds collected from the PACL were used to repay Pearl Group investors to stave off criminal prosecution.

The case was registered on February 19.