- विज्ञापन -
New Delhi: Nirmal Singh Bhangoo, owner of Pearls Group and mastermind of 45 thousand crore scam, hailing from Punjab, died in Delhi on Sunday night. He was arrested by Central Bureau of Investigation (CBI) in January 2016 after which he was lodged in Tihar Jail, Delhi. On Sunday night, when his health deteriorated, he was brought to Delhi’s DDU Hospital. At 7.50 pm, doctors declared him dead.
Bhangoo was accused of amassing an empire of crores through Ponzi schemes. Bhangoo collected thousands of crores of rupees by trapping more than 5 crore people in such schemes and invested it abroad. When the investigation started, the CBI arrested Nirmal Singh in January 2016. After this, the matter was also investigated by the Enforcement Directorate (ED).
Nirmal Singh Bhangoo, owner of Pearls Group, was a resident of Barnala district of Punjab. It is said that in his youth, he used to sell milk along with his brother on a bicycle. During this time, he also did post-graduation in political science.
In the 70s, Bhangu went to Kolkata in search of a job. There he worked for a few years in a famous investment company Pearls. After that, he started working in Golden Forest India Limited, a Haryana-based company that duped investors of crores of rupees. After this company was shut down and he became unemployed.
With the idea of working in this company, he formed a company named Pearls Golden Forest (PGF) in 1980. On the lines of Golden Forest India Limited, this company also made people invest in plantations of trees like teak and promised to return good profits after some time. By 1996, the company collected crores of rupees. The company was shut down due to income tax and other investigations.
