PACL unit head jailed for duping investors in Rajasthan housing scheme

JAIPUR: Police on Wednesday arrested the Jaipur unit head of realty company PACL for allegedly duping investors of over Rs 600 crore in a housing scheme in Rajasthan.

State police said the Jaipur unit of PACL was luring investors by promising them land on instalments without giving informing on the location and the site plan.

“The amount may go up to Rs 6,000 crore, as the company has similar operations in other parts of the country,” deputy commissioner of police Ashok Naruka said. The firm has 500,000 members in Rajasthan alone.

“At the end of the term, the company was offering land in a remote Assam village to buyers in Rajasthan, and a piece of land in Rajasthan to buyers of otherstates,” the police officer said, adding that customers were left with no option but to forgo the allotment and accept whatever money the company returned from the principal deposit. It is a violation of the Money Circulation Act, 1978, Naruka added.