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UP Police Detain Key Figures in ₹49,000 Crore PACL Ponzi and ₹250 Crore Insurance Fraud

The arrests mark a significant breakthrough for investigators who have coordinated across multiple enforcement agencies over years.

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Gurnam Singh lived a secret life at a farm house built away from his village in Ropar, Punjab and was involved in farming, a police official privy to the investigation said. (For Representation)
Gurnam Singh.

Overview

  • The UP Police’s Economic Offences Wing apprehended Gurnam Singh in Punjab on July 9 for his role in the ₹49,000 crore Pearls Agrotech Ponzi operation.
  • Investigators arrested Prem Prakash Singh in Kolkata for masterminding the ₹250 crore V-Care Multitrade insurance scam.
  • PACL had collected about ₹49,000 crore from over five crore investors in ten states by issuing unregistered recurring and fixed deposit schemes promising land plots.
  • V-Care enticed life insurance customers with incentives for policies sold through Reliance Life, Future Generali and Aegon before absconding with the funds.
  • Four PACL defendants are already in Tihar Jail and efforts are underway to locate two remaining fugitives in the sprawling multi-state probe.