Delhi Court Summons Son-in-Law in Rs 48,000 Crore Ponzi Scheme Case

A Delhi court has issued a summons to Harsatinder Pal Singh Hayer, the son-in-law of the late Nirmal Singh Bhangoo, former chairperson of Pearls Group. This action is part of an ongoing money laundering investigation tied to a massive Rs 48,000 crore Ponzi scheme that defrauded countless investors.

Special Judge Jagdish Kumar has requested Hayer's presence in court on July 18. Hayer was detained by the Enforcement Directorate (ED) in March and remains in judicial custody. The judge determined there was sufficient evidence to justify the summons for both Hayer and MBD Housing Complex Private Limited.

This investigation traces back to a 2015 CBI FIR accusing Pearls Agrotech Corporation Limited (PACL) and associates of running fraudulent investment schemes. The ED's chargesheet reveals PACL's directors allegedly siphoned off Rs 657.18 crore to Australian entities controlled by Hayer, further investing these funds in Australian real estate.

(With inputs from agencies.)