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3. The facts relating to these proceedings are as follows:-

a. The abovementioned FIR was registered against two companies, namely PGF Limited ["PGF"] and PACL Limited ["PACL"], and their officers. The FIR was registered pursuant to the directions of the Supreme Court in PGF Limited and Others vs. Union of India and Another1, which revealed that the aforesaid companies were carrying out a collective investment scheme ["CIS"] in the garb of sale and development of agricultural land. b. The alleged modus operandi of the accused was to seek investment in land without the companies having ownership of the land. Sample checking of the land allotted by PGF to its customers revealed that the land was held, not in the name of the company, but in the name of other individuals.
Shri Praveen Kumar Agarwal: In furtherance of criminal conspiracy with the accused promoters/directors of Pearls Group, Shri Praveen Kumar Agarwal dishonestly and fraudulently facilitated diversion/misappropriation of funds to the tune of Rs. 4318.49 Crores through 37 companies controlled by him. He dishonestly received the funds from M/s. PACL Limited (erstwhile M/s PACL India Limited) on the pretext of land development/ earthwork, but no land development work was done and fake / bogus invoices showing execution of work were prepared to justify receipt of such funds. The Work Order cum Agreements executed for purported execution of work were also bogus.
Shri Akash Agarwal: In furtherance of criminal conspiracy with the accused promoters/directors of Pearls Group, Shri Akash Agarwal dishonestly and fraudulently facilitated diversion/misappropriation of funds to the tune of Rs. 161.44 Crores through 05 companies controlled by him. He dishonestly received the funds from M/s. PACL Limited (erstwhile M/s. PACL India Limited) on the pretext of land development I earthwork, but no land development work was done and fake / bogus invoices showing execution of work were prepared to justify receipt of such funds.
Shri Mannoj Kumar Jain: He was the main Promoter/Director of M/s. Jain Infra-projects Limited. In furtherance of criminal conspiracy with the accused promoters/directors of Pearls Group, Shri Mannoj Kumar Jain dishonestly and fraudulently facilitated diversion/misappropriation of funds to the tune of Rs. 268.73 Crores through M/s. Jain Infra-projects Limited. He dishonestly received the funds from M/s. PACL Limited (erstwhile M/s. PACL India Limited) on the pretext of land development, but no land development work was done and fake / bogus invoices showing execution of work were prepared to justify receipt of such funds. He purportedly sublet the work to 07 different companies, who also raised such bogus / fake invoices without executing any land development work. Shri Subash Agarwal and Shri Rajesh Agarwal: Shri Subhash Agarwal is the Chairman and Shri Rajesh Agarwal is the Managing Director of M/s. ARSS Infrastructure Projects Limited which received funds to the tune of Rs. 305.76 Crores from M/s. PACL Limited against purported land development work. Investigation revealed that no land development was done and fake /bogus invoices were raised by their company in order to divert the funds collected from investors. Shri Rajesh Agarwal executed the agreement with M/s. PACL India Limited for the purported land development work, which was never meant to be done. Both the persons signed on the balance sheets of the company for the relevant years. They conspired and facilitated M/s. PACL India Limited in diverting funds collected from investors."