Lucknow | July 11, 2025
In what could be one of the biggest financial frauds in India’s history, the curtain has finally started to lift. The Uttar Pradesh Economic Offences Wing (EOW) has arrested Gurnam Singh (69) — the key director behind Pearls Agrotech Corporation Ltd (PACL) — from Punjab’s Ropar district.
His crime? Allegedly orchestrating a ₹49,000 crore Ponzi scheme that duped nearly 5 crore investors across India.
This wasn’t just about money. It was about dreams sold and lives broken — mostly belonging to farmers, small shopkeepers, daily wage workers, and middle-class families who trusted PACL with their hard-earned savings.
The Dream That Turned Into a Trap
PACL promised affordable land investments. The plan sounded simple — invest now, and in a few years, you’d either get a valuable land parcel or high returns.
But behind the glittering promises lay a hollow scam.
No land. No returns. Just a web of false paperwork and delayed answers — until one day, even those stopped.
EOW’s New Face — Tough, Accountable, and On a Mission
What’s changed now? The UP EOW has introduced a “Reward and Punish” system to fast-track major financial crime probes like this:
- Monthly performance tracking of officers
- Fast-track teams deployed in every district
- Seizure of properties under Section 111 of the new BNS law
- Helplines, awareness drives, and social media alerts for public support
This new system has already led to 14 arrests, including key names linked to the ₹250 crore V-Care scam and this massive PACL fraud.
This Isn’t Just About Money — It’s About Betrayal
One woman investor said it best:
“We saved for our children’s education, for their future. Now we run around courts and collector offices, with nothing to show for it.”
Behind every number in this scam — there’s a family. A broken promise. A shattered future.
The Bigger Picture
This arrest proves one thing: Justice may be slow, but it’s not blind. ₹49,000 crore didn’t just disappear — it was siphoned off through trust and illusion. The real question now is:
Will India’s legal system bring back justice and money for 5 crore defrauded citizens? Or will this case too fade into the dust of files and forgotten hearings?
