The Pearls Scam

• Shubh Laabh
• April 11, 2026

The Pearls Scam: India’s Massive Ponzi Scheme Exposed The Pearls scam, one of India’s largest financial frauds, duped millions of investors out of billions through deceptive real estate promises. Led by Nirmal Singh Bhangoo until his death in 2024, the Pearls Group operated via companies like Pearls Agrotech Corporation Limited (PACL) and Pearls Golden Forest Limited (PGFL), collecting over Rs 49,000 crore from 2010 to 2013 alone. This…