Saturday, 15 August 2009

Writ against PACL admitted in AP High Court

The Andhra Pradesh High Court on Thursday admitted a writ petition in the larger interest of public. The writ petition submitted by a journalist appealed the High Court to order the police to reopen a criminal case against a fraudulent company, PACL (India) Ltd aka Pearls India. The police for the reasons best known to them closed the criminal case against the company on the pretext of a Mistake of Fact.
The writ petition wanted to know the details of the Mistake of Fact. After elaborately discussing the writ petition, the Division Bench comprising Justice C V Nagarjuna Reddy and Justice Meena Kumari served notices to the Police Officials and the PACL (India) Ltd.
A glance at the facts of the case reveals that the PACL (India) Ltd, a Jaipur, Rajastan-based registered company has been illegally mobilising deposits from public without any permission from the Reserve Bank of India. Moreover, the company is offering hefty commission to the twelve-level from agent to the Executive Member. In effect, all the members in the 12-level hierarchy share up to 30 per cent of the amount collected from public. This is nothing but illegal money circulation scheme.
Above all, the company claims that it is into real estate business. It offers land to people for the deposits it had collected. Though the company's prospectus claims that it would allot a plot to the depositors within 270 days after payment of the deposit, it never allotted any land to any depositor so far. In fact, the Company has not sufficient land in its possession to allot plots to all its depositors. The clause on the deposit bond states that the money would be paid back after due date. If it is for the piece of land, why should there be maturity date of deposit.
These are glaringly visible to the police or to any ordinary mortal. Still, the police shut their eyes and closed the criminal case against the company.
Now, the police have to answer to the High Court what Mistake of Fact led to the closure of the criminal case.


saranu said...

Please comment on the current staus of this case.
Is PACL indeed fraud company?


Shyam Sundar said...

Police launched a massive investigation into the misdeeds of the PACL. It is a fraudulent company and if PACL actually allots land to all its depositors, the whole India is not sufficient. That is the real picture. It is mobilising deposits in the name of real estate and never allots any land to any deposit holder. That is why it is a fraud.

valerie said...

hi want to know the current status of the co is it advisable to invest.

Shyam Sundar said...

Dear Friends, as long as they keep on getting new deposits they repay the old ones. Once the new deposits dry up, they may not return deposits and may vanish. As per the High Court case, the notices were served and so far the company is not in a position to file its affidavit. That is the pathetic condition. You decide whether to invest in such dubious company. Why don't save your money in a bank or spend for yourself instead of giving to these cheats.

balaji said...

Mr Shyam Sundar can u prove PACL is illegal or can u stop the business

sweety said...

want to know what of the PACL agents working so far..
how would its going to affect them? what should be done?

Rahul Kumar Verma said...

PACL पर लगे झूठे आरोप- लोगों के सपनों को आकार देने वाले पीएसीएल पर इन दिनों मीडिया वॉर थोपी जा रही है। आज़ाद मुल्क़ में मीडिया पर पाबंदी नहीं हो सकती, लेकिन सनसनी के लिए सच से समझौता कितना जायज़ है। हम आपको सच के साथ समझौते की ऐसी ही एक बानगी दिखा रहे हैं। जबलपुर में राकेश कुशवाहा नाम के शख़्स ने ख़ुदकुशी की। वह पीएसीएल का कर्मचारी था। लिहाज़ा ख़बर यह उड़ी कि उसने कंपनी के विवादों में फंसने के बाद यह क़दम उठाया। लेकिन जब पी7 के परिजनों ने उससे बात की, तो माज़रा कुछ और ही निकला।
पीएसीएल के बढ़ते क़दमों पर अड़ंगे की कोशिशें भी जारी हैं। कुछ निजी चैनल लोगों के हवाले से कंपनी के तौर-तरीक़ों पर सवाल उठा रहे हैं।
अक्सर सुर्खियों के शोर में सच छिपा सा रह जाता है। क्या पीएसीएल के साथ भी कुछ ऐसा ही हो रहा है? आप निवेशकों की राय सुनें और ख़ुद फ़ैसला करें।

Rahul Kumar Verma said...

PACL Fraud company nahe ha

Shyam Sundar said...

This is how apologists of PACL react. How much real estate the PACL owns and so far how many house plots were allotted to its subscribers. Isn't it nothing but cheating in the real estate?

Rajat said...

sir whether i should withdraw mah money or continue to invest in it

Rajat said...

plzz tell me

Fasmeer Hawaz said...

Dear Shyam Sunder..,
Do you know how much is the surface area of the Great India Nation...? While reading your comment that "It is a fraudulent company and if PACL actually allots land to all its depositors, the whole India is not sufficient"... It may feel India is smaller than Jaipur City...!!!
Gentle man.. PACL is allotting land for their customer according to a reasonable rate per squire feet.. It doesn't mean you will get 100 Acre of land by investing 500 Rupees per month... Currently the company is having 550,000 Acres of land all over India. They collect 120,000 Million Rupees last year by allotting these land bank to their customers. Once the payment period is completed successfully, company taken back this land and hand over the market value of the land on maturity.. That means the same land is allotting different customers in different terms..
Since last several years I am working with this good company.. There are hundreds of agents working in my team all are absolutely satisfied.. I am my self given maturity amount of a number of customers who joined under me...
Fasmeer Hawaz

Shyam Sundar said...

As long as your team is able to collect by hoodwinking the gullible with false promises of land allocation, the PACL flourishes by paying handsome commissions to the agents of your 'team'. IF the PACL is paying more than 30 per as commission to the agents in the pyramid scheme, how much the company is retaining and how it is paying back to the depositors.
You only admitted that the PACL is not actually allotting land but only repaying the deposited amount. That amounts of violation of RBI guidelines not to accept deposits from public without its authorisation.
The PACL is violating all types of laws of the land and its agents like you only support the company.

bhanu said...

mr shyam sunder is a very litrete person, and i admit this thing that pacl not authorized by reserve bank to mobilizing money, but on the other hand its also true that this company has been in this business for last 27 years, they have a huge land bank of 2 lac acres in various parts of india. go to punjab and chandigarh and u will see the townships they have made. even they are returing good amount of money to their investors as well as their against. I do not know how much legal this company is but no doubt that this perticuler entity is not making any fraud with peoples money .

Shyam Sundar said...

If PACL has huge land bank through out the country, why it is not allotting land to the deposit holders? Why it is choosing to return money instead of registering land in their name?
It is not true that it has land bank in its kitty. It is only hoodwinking people and lining its pocket with their money. It won't become a legitimate company for the simple fact that it is in existence for the last 27 years.
A cheat is a cheat. Without any authorisation it is collecting funds from public illegally. You too agreed to that fact. That fact is enough to send these crooks to the prison. But we are in a democracy and things move very slowly. Ultimately, the law would catch up with these crooks.

Anu Sreelakam said...

sir, what is the current status of the co now?
Is it advisable to invest ?