PACL, Pearl Group company, a finance company had defrauded over Rs. 55,000 crores of investments across the nation through their ponzi schemes, in the field of Agriculture and Real estate. SEBI, has declared that 55,000 crores need to be distributed to the investors of PACL, nation-wide.
The investors of the infamous PACL's case have been demonstrating continued protests and petitions seeking action against the defaulter and for the safe return of their investments.
Close to 7 lakh people in the district of Coimbatore had invested in PACL. The investors of the city today demonstrated a protest in front of the South Taluk Office condemning the fraudster company and SEBI to fasten the process of settling their amounts as per the Supreme Courts Order.
Liyakat Ali, President of the Union of the investors effected by PACL, reported that close to Rs. 700 crores has been defaulted by PACL, in the Coimbatore district. 'The supreme Court has ordered SEBI to settle the defaulters by seizing all the assets and private properties of PACL. But till now we have not received any payment. The SEBI should declare a white paper statement on the seized documents', he said.
The investors also claimed that when inquired to the PACL authorities for refund, they have in turn stated that SEBI has seized all their bank accounts and hence are unable to pay the investors back.
Hence, the investors urged that the Tamil Nadu State Government should intervene in the issue and necessitate steps for the welfare of the investors.
'Thandhai Periyar Dravidar Kazhagam', General Secretary, K. Ramakrishnan condemned on PACL's defraud at the protest. Around 50 investors participated in the protest.
