PACL case: Sebi panel asks investors to produce original documents for refunds

The Securities and Exchange Board of India (Sebi) on Friday said investors in illegal schemes of PACL group with claims of not more than Rs 2,500 have been intimated through SMS to produce original documents for receiving refunds. The regulator had set up a committee headed by former Chief Justice of India RM Lodha to refund money to investors who had invested in the collective investment schemes (CIS) of PACL group. The panel has asked only such investors who have received SMS to send their original PACL certificates to the committee, said Sebi in a statement. “It is further informed that refunds upon verification of genuineness of the original PACL certificates/receipts submitted would be credited directly to your (investors) bank account provided in the application,” said Sebi. The Lodha panel is overseeing the process of disposing of properties to refund investors after verifying their genuiness. About three years ago, the regulator had directed PACL to refund Rs 49,1000000000 to investors. PACL ran the biggest illegal money pooling scheme in the history of the country till its promoter Nirmal Singh Bhangoo was arrested by the CBI in January 2016 for alleged failure to refund over Rs 49,1000000000 collected from 5.850000000 investors over 15 years.