Over 36 lakh investors get Rs.3.8k-cr in refunds
Chandigarh, Sept. 8 -- The Haryana government on Monday said that more than 36 lakh investors in the Pearl Agro Corporation Limited (PACL) case have been refunded a total of Rs.3,864 crore. PACL case is an alleged investment fraud case involving lakhs of investors where money was collected through real estate schemes and high returns were promised. The Securities and Exchange Board of India (SEBI) detected that PACL was running the investment schemes without complying with regulations.
The matter came up at state level coordination committee (SLCC) convened by the Reserve Bank of India (RBI) where action taken on issues discussed during the previous SLCC meeting was reviewed and matters relating to alleged financial fraud, unauthorised deposit collection, complaints received through the SACHET Portal, market intelligence inputs and recent initiatives for creating greater financial awareness among citizens were examined, an official spokesperson said,
Haryana chief secretary Anurag Rastogi presided over the 16th SLCC meeting to review the state of financial frauds, investor protection measures, emerging cyber threats and technology-based initiatives aimed at strengthening financial sector security in the state....
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