Pearls Group CMD Bhangoo Dies in Delhi Hospital

New Delhi, Aug 26 (PTI) Pearls Group CMD Nirmal Singh Bhangoo, who was an accused in an alleged multi-crore chit fund scam and lodged in Tihar jail, passed away here during treatment at west Delhi's Deen Dayal Upadhyay Hospital on Monday, officials said.

Bhangoo, 68, was suffering from multiple diseases and recently underwent a kidney transplant surgery, officials said, adding he was lodged in Tihar jail since 2016 after being arrested by the Central Bureau of Investigation (CBI).

He was taken to the hospital after he complained of uneasiness on Sunday at 6.25 pm, according to Tihar jail sources.

Bhangoo was lodged in jail number 8-9 and he was first taken to the jail's dispensary from where he was referred to the DDU Hospital, where he died during treatment at about 12.30 am, an official source said.

According to sources, he was suffering from diseases like coronary artery disease, post kidney transplant complications, abdominal discomfort, palpitations, high serum creatinine levels, tachycardia and hypertension.

The PACL (Pearls Agrotech Corporation Ltd) and its promoters and directors, including Nirmal Singh Bhangoo, had been embroiled in a legal battle for their alleged failure to refund to investors Rs 49,100 crore collected through chit fund schemes.

The PACL also known as the Pearls Group, which had raised money from public for agriculture and real estate businesses, was found to have allegedly collected more than Rs 49,100 crore through illegal collective investment schemes (CIS) over a period of 18 years, according to SEBI.