Harchand Singh Gill, a director of the Pearls Group who was deported from Fiji, has been taken into custody by the CBI in relation with an alleged multibillion-dollar ponzi scheme that his business reportedly engineered. The Interpol had issued a red alert on Gill. According to sources, a special CBI team had already been to Suva in Fiji to retrieve Gill.
According to CBI, over £6 billion was siphoned by the company which Gill was associated with as a director. The agency had started the investigation against the Pearls Group and its founder Nirmal Singh Bhangoo on February 19, 2014 on the allegations of cheating over 50 million investors by offering them land in return of their investments.
According to CBI officials, a special court had issued a non-bailable warrant and red corner notice against Gill. Gill was reported to have attended all of the crucial board meetings because he is a director and shareholder of PGF, a Pearls group subsidiary.
"Gill allegedly conspired with other directors of the company to operate the collective investment scheme illegally without any statutory approval. These schemes were running illegally and both the companies were allegedly engaged in fraudulent activities including forgery in their day-to-day operations," A CBI spokesperson said.