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Following a request by the Punjab Vigilance Bureau (VB), which is investigating the Pearls Group multi-earning fund scam, the Office of the Financial Commissioner (FCR) has instructed all Deputy Commissioners (DCs) of the state to take action to secure all properties identified for PACL/PGF Ltd. , the flagship companies of the Pearls Group, reclaiming single properties and identifying more such properties in Punjab.
Directives in this regard were issued by the FCR office on 16 June to developing countries with instructions to return within a week. The VB was handed over during the Pearls Group fund investigation by the state government in May this year.
Vigilance sought directions that all DCs in Punjab should immediately initiate proceedings under the relevant law to repossess property already found alienated in any way, by rescinding approved transfers as a result of sale/transfer acts carried out fraudulently or in contravention of orders of the Supreme Court.
VB also requested the FCR Office to issue directions that all sub-registrars/joint sub-registrars, within whose jurisdiction such property falls, should immediately proceed to the competent court to commence proceedings under the law to obtain the titles of such property declared null and void in contravention of orders supreme court. The exercise shall be undertaken to examine the land revenue records of the respective counties and to identify all and any land transactions from 1998 onwards.
The VB desires that after repossession/possession of such property, the local centers may seek permission from the Justice Commission (Retd.) RM Lodha and prepare a roadmap for putting such property into agricultural/commercial use, to plow the proceeds to the commission document to return to the investors. Any such proposal may be submitted for prior approval to the RM Lodha Justice (Retd) Committee.
Where the property had not been sequestered, but was under unauthorized possession, the VB requested that DC take immediate steps to remove all such encroachments. A notice is given to the public, by the placement of display boards, noting that the land is owned by PACL/PGF Ltd. and/or its directors/promoters/agents/employees/group and/or associates and that the same shall not be infringed on the orders of the Supreme Court of July 25, 2016, or removed from it in any order.
The VB Office also sought details of actions taken by developing countries in this regard to examine the criminal roles and liabilities of public officials, in the illegal/fraudulent alienation of the property of PACL/PGF Ltd. and associated entities/individuals, in violation of Orders dated 25 July 2016 of the Supreme Court. Listings of 31 PACL/PGF Ltd.’s single properties have been shared. In Punjab with Senior Directors of VB Police to examine the transactions in each case to determine the roles, if any, of public servants in the unlawful transfer of ownership of such property.
Similarly, a list of 16 newly identified properties has also been shared to check whether entries regarding non-mortgaging of properties have been made in the revenue records.
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