Nirmal Singh Bhangoo

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Nirmal Singh Bhangoo was the founder of Pearls Agro-Tech Corporation Limited (PACL) and orchestrated a massive Ponzi scheme that defrauded millions of investors by promising substantial returns on land investments, ultimately leading to his company's downfall and his subsequent legacy as a notorious figure in India's financial fraud history.

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Nirmal Singh Bhangoo was the founder of the PACL scam, promising investors substantial returns by allegedly using their money to purchase land.

Ponzi Scheme Fraud: Rs 49,000 crore Ponzi scheme: Pearls Agro-Tech director Gurnam Singh arrested; EOW says 5 crore investors duped in one of India’s biggest financial frauds | Lucknow News

The Times of India·

India· 2025-07-11

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