Mr Ankush from Punjab, India, wants to know whether PACL or Pearls are the same companies and why the government or Reserve Bank of India is not taking any action against these fraud companies. Yes. Pearls and PACL are the same companies which have been cheating the gullible for quite some time now with the huge interest on deposits.
Why the government or the Reserve Bank of India is not taking action? It is a good question. Most of the time, the depositors would be kept in the hope that their money would come back if they do not complain and these deposits are generally for long period ranging from five to ten years. By the time they realise that they are not getting back their money, the company would amass enormous deposits.
Pearls is offering double the amount in a short period and they claim that it is the 200 yards housing plot they are actually offering their depositors. In fact, the company does not own such vast land to allot the depositors. Any action would be initiated against the cheats only after receiving a complaint. If nobody complains there is no action. Law would not help the person who is sleeping over his rights.
These companies have been somehow managing to avoid criminal cases against them and that is how they are surviving.
In the case of Golden Forest, several criminal cases were filed and they are pending trial. The organisers of the company though they own several hundreds of acres throughout India, are not willing to part with the property to repay deposits. All the depositors are left in the lurch.
That is why I appeal to all my fellow countrymen not to fall prey to the high rate of interest and lose your hard-earned money.