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Showing contexts for: pacl ltd in Barinder Singh Nagra vs State Of Punjab on 19 October, 2023Matching Fragments
1 of 7 Neutral Citation No:=2023:PHHC:136979
5. The crime relates to a massive scam involving the general public's thousands of crores of rupees by two companies, i.e., PACL and PFG Limited. The modus operandi of some of the people controlling the PACL and PFG Limited was to persuade innocent investors to invest in the company's plots and lands with an assurance that their money would be doubled quickly. The companies used the services of various unethical agents, who allured and convinced the people about the validity and genuineness of the claims made by PACL and PFG Limited. In the inquiry conducted by CBI, they got sufficient evidence that PACL and PFG Limited were sister concerns and rou ng money by laundering. The primary allega ons are that some Directors, some employees, some agents and some brokers of PACL, and some other persons, in connivance with a large number of Revenue officials, including the pe oner, who was well aware of the fact that the proper es of the PACL were being disposed of at lower circle rates fixed by corrupt Revenue officials, which fact of undervalua on was well within the knowledge of senior Government officers at the highest level.
7. In the mean me, the maIer went to the Hon'ble Supreme Court, which cons tuted a commiIee headed by former CJI Jus ce R.M. Lodha (Retd.) for reimbursement of the money belonging to the investors of PACL by disposing of its proper es and its associate companies. The order was passed in Civil Appeal No.13301/2015 on 2.2.2016. Subsequently, vide order dated 25.7.2016, the Hon'ble Supreme Court stayed the sale of proper es of PACL and PFG Limited. The Lodha 2 of 7 Neutral Citation No:=2023:PHHC:136979 CommiIee issued advisories to the people at large not to deal with the proper es of PACL within or outside India.
12. Para 10 of the reply dated 04.09.2023, reads as follows: -
"10. That M/s PACL had purchased landed property measuring 15 Kanal 4 Marla in Village Ramgarh, District Ludhiana in the name of S. Tyagranjan Murthi son of S.S. Murthi vide Vasika No. 5669 dated 19.06.2006 for considera.on amount of Rs. 1,83,92,000/-. Subsequently, pe..oner Barinder Singh Nagra entered into conspiracy with other persons and got this land transferred in the name of his father-in-law Jeet Singh vide Vasika No. 1632 dated 11.08.2016 for considera.on of just Rs33,13,980/- in viola.on of Hon'ble Supreme Court vide which aliena.on of proper.es belonging to PACL Ltd, its associate/ group companies/Directors/ Promoters/Agents/Employees and other concerned individuals was prohibited. At the .me of execu.on of above men.oned sale deed No. 1632 dated 11.08.2016, co-accused Rampal son Nanak Singh resident of Village Budhewal, District Ludhiana had appeared on behalf of Jeet Singh. Records available with Special Inves.ga.on Team reveals that said land measuring 15 Kanal 4 Marla was further sold to different persons as plots, out of which some sale Nagra.] deeds were witnessed by pe..oner Barinder Singh Nagra."
13. In para 17 of the reply dated 03.03.2021, it is men oned that Jeet Singh, father- in-law of the pe oner, also purchased 9 kanals of land in Village Bhukri Khurd, Sub Tehsil Kumkalan, District Ludhiana from Virshak Builder Pvt. Ltd., which is a subsidiary company of PACL Ltd., vide sale deed No.2018-19-100/31 dated 10.07.2018. In addi on, Jeet Singh also purchased further land of 30 kanals & 17 marlas from GTB Decent City Developers Pvt. Ltd. Company, also a subsidiary of PACL Ltd. The concerned 4 of 7 Neutral Citation No:=2023:PHHC:136979 Deputy Superintendent of Police stated that both the sale deeds violated the order passed by the Hon'ble Supreme Court. In Para 19, it is again men oned that the pe oner's father-in-law has been an illiterate person, and he opened a joint account with his daughter, i.e., the pe oner's wife, and the pe oner laundered the money through that account. The inves ga on further revealed that the pe oner's accounts were credited around Rs.68 lacs from the account of his father, Jeet Singh, and in addi on to that, co-accused Karamjeet Singh also transferred a sum of Rs.55 lacs to the account of the pe oner. As per the reply dated 04.09.2023, the following transac ons were made in the account of Barinder Singh: -