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.
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.