Tuesday, 26 February 2013

PACL aka Pearls once again in headlines

The dubious real estate company Pearls popularly known as PACL once again hit the headlines on Monday with the Crime Investigation Department of Andhra Pradesh launching investigation into the real estate assets claimed to possess by the company in various parts of the State.
As part of the investigation , the CID inspector Muralirksihna and sub inspector Ibrahim said that a criminal case against Pearls was registered on the charges of mobilising deposits from public in the name of real estate.
In fact, the CID police are investigating into the criminal case against the fraudulent company which has been collecting on a large scale without any permission from the Reserve Bank of India.
Moreover, the PACL has engaged agents who would be paid huge commission which attracted the provisions of the Prize Chits & Money Circulation Schemes (Banning) Act, 1978.
The CID officials went to Bandaganipalli in Udayagiri mandal and Balayapalli in Sitaramapuram mandal pf Nellore district to verify how much land actually possessed by the accused company.
The officials would also assess whether there is any correlation between the properties the company  owned and the deposits it has mobilised on the pretext of those real estate properties to the depositors.
It is a well-known fact that these real estate companies have been mobilising public deposits in the name of real estate though they do not have any that much real estate to get registered in the names of the depositors.
In fact, they never register any housesite or plot in the name of these depositors. It is only a ploy to collect money to invest in their other projects.
Many companies have been indulging in this dubious practice. Agrigold, Akshaya Gold, Abhaya Gold, Viswas Real Estate are only some of the companies in the long list of fraudulent companies.
Many of these companies simply collect and never repay the depositors. Their modus operandi is simple. The agents of these companies recruit more agents and they in turn recruit more agents. Rings any bell?
Well. This is nothing but money circulation scheme in the name of real estate.
It is high time, the CID officials expedited their investigation and bring these fraudsters to book.




6 comments:

media for good said...

This seems to be old news -- last year's. I can't seem to locate Monday's news on the net? Could you give me the source?

Thanks.

Shyam Sundar said...

Nameless media for good, This news was published in Eenadu city edition of Vijayawada with Udayagiri dateline on Page 2 of February 26, 2013. You may be a fan of PACL. But don't say whatever written is here is not true.
We at Corporate Frauds Watch stick to truth, only truth, nothing but truth.

media for good said...

I'm an analyst from Moneylife, in case you're wondering.

We are looking into the story and checking if there's enough facts to publish it. You can check some of our MLM stories we had published earlier, on our website.

Do you have the link to the Eednadu story? Thanks. We do not know Telegu, so an English translation of the story would be helpful?

Cheers.
A.

Shyam Sundar said...

That is what exactly what I did. Translation of the news story. Just click on the daate and go to Vijayawada edition and look for the story in the list. If you do not know Telugu ask some who knows Telugu provided you did not trust my translation
Many people assume, rather wrongly, that I am out to malign the companies who are doing business. I am only writing against companies who are doing illegal business cheating people in the name of good business opportunity.

Gopi kotipalli said...

VISWAS REAL ESTATE IS A COMPANY WHICH COLLECTS MONEY FROM PUBLIC BY SHOWING HIGH INTEREST RATESBUT THEY NEVER PAY MONEY TO THEIR CLIENTS.

I AM GOING TO LODGE A COMPLAINT AGAINST THEIR DRAMAS.

Gopi kotipalli said...

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