Pearl Agrotech deposit scheme under CID Scanner

In a significant development, Crime Investigation Department (CID) of Government of Andhra Pradesh has asked the depositors of Pearls Agrotech Corporation Limited (PACL) to furnish the details of their deposits to proceed further with the investigation on irregularities in the scheme.

The CID is investigating on the basis of a case filed against the PACL in Andhra Pradesh. The CID has appeared the public to give details of their deposits with with company. The CID has released a press release to this effect.

According to the CID, the department is investigating on the cheating allegations that the PACL had indulged in collection of deposits from the public in guise of real state business. It is observed that the company has promised land to the beneficiaries of the scheme on the maturity of their deposits.

The CID has also observed that the PACL had cheated people / customers by not registering lands as per the agreement. The deposits also not returned even after the maturity. It is believed that the company is also involved in money circulation activity.

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