PACL Chit Fund Scam: Sebi asks investors to rectify errors in applications


Livemint
July 22, 2020

PACL Chit Fund Scam: Sebi asks investors to rectify errors in applications


The PACL scam which was found to have illegally collected over ₹49,100 crore over a period of 18 years is considered to be one of the biggest chit-fund scams in India

Sebi on Tuesday issued a notice to ask the investors or applicants of Pearls Agrotech Corporation (PACL), with claims between ₹5,000 and ₹7,000 to check the status of their claim applications online and rectify the deficiencies for settlement of the claims. The portal will be operational from August 1, 2020 to October 30, 2020.

The PACL scam which was found to have illegally collected over ₹49,100 crore over a period of 18 years is considered to be one of the biggest chit-fund scams in India. The company was started in 1982. PACL and Pearls Golden Forest Limited(PGFL) illegally raised money from the poor on the pretext of sale and development of agriculture land.


The Justice (Retd.) R.M. Lodha Committee had, subsequent to making payment to 570,706 eligible investors of PACL Ltd. having claim amount upto ₹5000 , initiated the process of payment to investors having claim amount between ₹5,000 and ₹7,000 during the period March, 2020 to April, 2020.

"Pursuant to the same, refunds were effected in respect of 2,59,862 eligible applicants. Certain applications having claim amount between ₹5,000 and ₹7,000 could not be processed further on account of one or more of the deficiencies. In this connection, the Committee has decided to provide an opportunity to all investors/applicants with claims between ₹5,000 and ₹7,000, to make good deficiencies as may be applicable to their claims, so as to enable their claims to be processed," Sebi notice said.


The Justice (Retd.) R.M. Lodha Committee is a Committee constituted by the SEBI for selling the properties of PACL Ltd and using the sale proceeds to refund the investors who have invested their money in PACL Ltd.



Reference: https://www.livemint.com/news/india/pacl-chit-fund-scam-sebi-asks-investors-to-rectify-errors-in-applications-11595379289375.html

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