Pearls scam: Punjab VB arrests land developer from Mumbai airport

Mohali, July 19

The Punjab Vigilance Bureau (VB), in assistance with immigration department officials arrested an absconding accused Prashant Manjrekar, director of Sanranjeevan Infrastructure and Projects Private Ltd. wanted in Pearls Agrotech Corporation Limited (PACL) case from Mumbai airport. Evading his arrest, the accused was attempting to flee to Dubai.

A spokesperson of the VB said the above mentioned accused was wanted in FIR No. 79 dated July 16, 2020, under Sections 406, 420, 467, 468, 471 and 120-B of IPC, registered at Zira city police station in Ferozepur for his involvement in illegal alienation of properties belonging to PACL Ltd. in Gholumajra village, Mohali. The accused had full knowledge that the Supreme Court had already restrained the PACL Ltd. from selling/alienating any of the properties wherein PACL has, in any manner, a right or interest and in village Gholumajra also, the spokesperson said.

The directors/promoters of Finominal Construction Private Ltd and Sanarjeevan Infrastructure and Projects Private Ltd in connivance with the orders, had developed two colonies named Bella Vista 1 and Bella Vista 2 on a land measuring 115 bighas in Gholumajra village on the disputed land of PACL in the year 2018-19. The accused developers had allegedly collected huge amount of money by selling plots/houses in both the colonies and the VB had nominated the promoters of these companies in the case.

A committee under the chairmanship of Justice (Retd) RM Lodha had been constituted pursuant to the order of Supreme Court to sell the properties of PACL Ltd. and use the sale proceeds to refund the investors who had invested their hard-earned money in the collective investment scheme (CIS) offered by the company.