Bhangoo’s son-in-law arrested in ₹48,000-crore fraud

Harsatinder Pal Singh Hayer, the son-in-law of former Pearls Group chief Nirmal Singh Bhangoo, was arrested in connection with a major fraud case. The Enforcement Directorate (ED) took him into custody for his alleged role in a ₹48,000 crore Ponzi scheme. Hayer was arrested on Friday, and a special court later ordered him to stay in ED custody. The investigation focuses on accusations that PACL, a subsidiary of Pearls Group, cheated millions of investors by promising high returns on agricultural plots. This scheme reportedly involved over 55 million investors and 2.3 million agents. According to the ED, Bhangoo, who was arrested in 2016 and passed away last year, was among those responsible for the fraud. The agency claims that Hayer was involved with several PACL-related companies, including two based in Australia. The ED's findings suggest that around ₹657 crore from the fraudulent activities was funneled to the Australian firms controlled by Hayer. This money was then invested in real estate in Australia. Hayer is also accused of violating a Supreme Court order regarding the property's management. In previous investigations, the ED has seized assets, including properties in Australia worth ₹462 crore and additional assets valued at ₹244 crore in India. These asset details have been shared with a committee set up by the Supreme Court to help return money to the affected investors.