SIT Arrests Fugitive Director in PACL Scam at Mumbai Airport

The Special Investigation Team (SIT), constituted by the Punjab Vigilance Bureau (VB), in assistance with Immigration team has been able to arrest an absconding accused Prashant Manjrekar, a director of Sanranjeevan Infrastructure and Projects Private Ltd, from Mumbai Airport who was wanted in the Pearls Agrotech Corporation Limited (PACL) case. The accused was evading his arrest and attempting to going to Dubai from Mumbai Airport.

Disclosing this here today a spokesperson of the state VB said the above mentioned accused was wanted in FIR No. 79 dated 16-07-2020 under sections 406, 420, 467, 468, 471 and 120-B of IPC, registered at police station city Zira, district Ferozepur for their involvement in illegal alienation of properties belonging to PACL Ltd. in village Gholumajra, district SAS Nagar. The accused had full knowledge that the Supreme Court had already restrained the PACL Ltd. from selling/alienating any of the properties wherein PACL has, in any manner, a right or interest and in village Gholumajra also, he said.

He further added that the directors/promoters of Finominal Construction Private Ltd and Sanarjeevan Infrastructure and Projects Private Ltd in connivance with orders had developed two colonies named Bella Vista -01 and Bella Vista -02 on a land measuring 115 Bighas in village Gholumajra on the disputed land of PACL in the year 2018-19. The accused developers had collected huge money by selling plots/houses in both the colonies and the VB has nominated the promoters of these companies in the said case.

Mentionably, a committee under the chairmanship of Justice (Retd) R.M. Lodha had been constituted pursuant to the order of Supreme Court to sell the properties of PACL Ltd. and use the sale proceeds to refund the investors who had invested their hard earned money in the collective investment scheme (CIS) offered by the accused company.

The spokesperson further added that the above mentioned accused has been taken on transit remand and would be produced in the concerned court in Punjab. Further investigation in this case was under progress, he added.