PACL Chit Fund: Rs 920 crore has been returned to more than 19 lakh investors of PACL Ltd.
PACL Chit Fund: Rs 920 crore has been returned to more than 19 lakh investors of PACL Ltd. These investors have a claim of Rs 17,000 crore on the company. Market regulator SEBI gave this information. The company raised money from people in the name of agriculture and real estate business. Over Rs 60,000 crore was raised during 18 years under the illegal Collective Investment Scheme.
The committee headed by retired Justice RM Lodha had started the process of returning the investment amount to the investors of PACL in a phased manner. According to the website of the Securities and Exchange Board of India (SEBI), so far the committee has successfully returned ₹919.91 crore to 19,61,690 applicants. Their outstanding (principal amount) is up to Rs 17,000 crore.
There was a chance to claim till March 20
The committee had in February asked the investors to submit the original certificates received from PACL so that their money could be returned after verification. The date for accepting the original certificates was February 27 to March 20, 2023. The committee later, after considering the difficulties faced by the investors in submitting the original certificates, decided to return the money without insisting on the original certificates. Accordingly, the payment of Rs 85.68 crore was returned to 1.14 lakh applicants. Earlier, a total of 3,747 applicants with claims up to Rs 15,000 had received refunds amounting to Rs 2.45 crore.
What is the whole matter?
The famous Pearl Group (PACL) raised huge amount from retail investors in the name of agriculture and real estate business. According to SEBI, this company had collected around Rs 60,000 crore illegally from investors within 18 years. Pearls raised money from investors by offering them attractive interest rates, while paying hefty commissions to agents. In such a situation, a large number of people put their money in the greed of interest and commission. Taking action after the intervention of the Supreme Court, SEBI is now giving refunds to the investors.
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