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.