Pearls Scam Resurfaces: Illegal Sale of Prime Mohali Plots in Sector 104 Sparks Alarm
The infamous ₹48,000 crore Pearls Scam has resurfaced in a shocking new development involving the illegal sale of around 50 plots in Sector 104, Mohali—a prime land parcel directly linked to the Ponzi scheme. These plots have reportedly been sold at nearly one-third of their market value, raising serious concerns over the misuse of assets currently under judicial custody.
The Supreme Court-appointed Justice R.M. Lodha Committee, which is the designated custodian of all attached properties of the Pearls Group, has strongly objected to these transactions. In a public notice published in The Tribune on Wednesday, the Committee clarified that no sale or purchase of Pearls Group properties is legally permitted and warned that only the Committee has the authority to manage or dispose of these assets.
“No family member of Nirmal Singh Bhangoo or any other individual is authorised to sell Pearls properties,” the notice stressed.
Despite this, the area has witnessed rapid and unauthorised construction in recent weeks. Several individuals have erected boundary walls, constructed rooms, and installed utility services such as water pumps and electricity connections, despite having no legal property registration. These individuals are allegedly relying on dubious letters of possession signed by an unidentified person claiming to be an authorised signatory.
Sources indicate that powerful individuals—including members of the police, legal circles, and political establishments—are suspected of facilitating these illegal occupations. Notably, a well-known Aam Aadmi Party (AAP) leader has reportedly shown interest in land dealings in both Sector 104 and nearby Sector 100.
Plots have been sold at approximately ₹15,000 per square yard, while the actual market rate is closer to ₹45,000 per square yard. In some cases, plot occupants have even hired bouncers to secure their claims, intensifying the illegal takeover.
The Pearls Scam, also known as the PACL (Pearls Agrotech Corporation Limited) scam, is among the largest financial frauds in India’s history. Led by Nirmal Singh Bhangoo, the scheme lured over 5.5 crore investors with promises of agricultural land and high returns. However, most of the land promised was either non-existent or unfit for use.
Bhangoo, who started as a milkman in Punjab, built a vast empire through his deceptive investment schemes, expanding operations internationally, especially in Australia. He was arrested by the Central Bureau of Investigation (CBI) in 2016 and passed away in 2024 while under investigation. On March 21, 2025, his son-in-law, Harsatinder Pal Singh Hayer, was arrested by the Enforcement Directorate (ED) for allegedly laundering proceeds of the scam.
So far, the ED has attached assets worth ₹244 crore in India and ₹462 crore in Australia, including real estate and financial instruments linked to the scam.
Sectors 100 and 104 in Mohali were earmarked by the Pearls Group for luxury residential townships. With Sector 104 now at the center of renewed controversy, authorities face mounting pressure to crack down on the illegal sales and recover misappropriated investor assets.
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