Latest News | PACL Case: Lodha Panel Warns Investors Against Sharing Investment Documents

New Delhi, Jul 2 (PTI) A high-powered committee, which is looking into refunds for PACL investors, on Thursday cautioned them against sharing documents related to their investments in schemes floated by the company.

The move follows a video being posted on YouTube about a mobile application which invites investors to upload their claim applications.

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PACL Group, which had raised money from the public in the name of agriculture and real estate businesses, was found by markets regulator Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.

The panel, headed by retired Justice R M Lodha, has been set up to manage refunds for investors.

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In a press release circulated by the Securities and Exchange Board of India (Sebi), the Lodha Committee said it has received information that a video has been uploaded by one NMG Rajasthan on YouTube on June 5 regarding a portal or mobile application of Janlok Prathistan and inviting investors to upload their claim applications using this app.

The committee noted that the mobile app (Janlok PACL Data) is available on Google Play Store and is claimed to be developed by Janlok Prathistan Sansthan.

The mobile app seems to be active since May 26 and its sole purpose is claimed to help investors of PACL recover their claims from the company, it added.

The committee said it alone has been entrusted with the task of effecting refunds to investors of PACL by the Supreme Court and "no other individual/ entity is authorized to invite / collect claims from the investors of PACL Ltd with a view to effecting refund-payment."

In view of this, the panel has cautioned the public at large "not to part with and/or share records/ documents of their investments in the schemes of PACL Ltd. either through the above mentioned portal / mobile application or with any other person/entity."

It further said investors need to rely only on the Sebi website for any information with respect to the PACL Ltd case.

Earlier, a video was being circulated on WhatsApp about the PACL group offering to pay Rs 20,000 crore in three years by sale of properties. Following this, the panel had clarified in May that the PACL group did not make any offer.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)