Pearls Group Owner Nirmal Singh Bhangoo Passes Away: How He Defrauded People of ₹50,000 Crores

Nirmal Singh Bhangoo, the owner of the Pearls Group, passed away while incarcerated at Tihar Jail. He had been admitted to Deen Dayal Upadhyay Hospital after his health deteriorated. Bhangoo was notorious for defrauding over 50 million people and building a massive empire worth billions through his fraudulent activities.

The Infamous Scam

Bhangoo was the mastermind behind one of the largest Ponzi schemes in India, run through his chit fund company PACL, also known as Pearls Group. He is accused of duping more than 50 million investors out of ₹50,000 crores by promising them high returns on their investments. The Central Bureau of Investigation (CBI) arrested Bhangoo on January 8, 2016, on charges of fraud.

Early Life and Career

Born in Barnala district of Punjab, Bhangoo's early life was far from luxurious. He started his career selling milk but eventually moved to Kolkata in search of better opportunities. There, he found employment with the chit fund company Peerless, where he gained valuable experience in the world of finance. Later, he joined Golden Forest India Limited, another chit fund company.

When Golden Forest India Limited shut down, Bhangoo found himself unemployed. However, the experience he gained at these companies equipped him with the skills to manipulate and defraud people. Leveraging this knowledge, he launched his own company, PACL, and began enticing people with promises of high returns, eventually amassing a fortune worth billions.

Legacy of Fraud

Nirmal Singh Bhangoo’s rise to infamy is marked by one of the most significant financial frauds in India's history. His death in Tihar Jail marks the end of a notorious chapter in the country’s financial crime history. His actions left millions of people defrauded and continue to serve as a cautionary tale against fraudulent investment schemes. The legacy of his deception still affects the lives of countless victims across the nation.