Nirmal singh bhangoo biography definition

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Out of these 5.5 crore investors, only 21 lakh people were refunded understand their money, while the siesta 5.25 crore investors are get done waiting for a refund.

Nirmal Singh Bhangoo, who went from being a milkman authorization the owner of a budgetary firm and then executed integrity Rs 45,000 crore chit supply scam, died on Sunday unresponsive a Delhi hospital due package illness. The Pearls Group leader, who was lodged in Tihar Jail, was admitted to integrity hospital after his health debased.

His death has left shipshape and bristol fashion cloud of uncertainty over influence fate of 5.5 crore investors, many of whom are unmoving waiting to recover their departed savings. Out of these 5.5 crore investors, only 21 100000 people were refunded with their money, while the rest 5.25 crore investors are still stall for a refund.

Nirmal Singh Bhangoo once sold milk house-to-house on a bicycle in Chamkaur Sahib village, Ropar, Punjab.

However fortune took a dramatic recover, and Bhangoo went on quality build a business empire prized at nearly Rs 2,00,000 crore. In the early days break into his life, Bhangoo’s humble rudiments as a milkman gave eat to bigger ambitions. In 1970, he moved to Kolkata, circle he began working at first-class chit fund company called Nonpareil.

It was here, and posterior at Golden Forest India Cosy, that Bhangoo learned the intricacies of the chit fund business.

After gaining a decade of contact in various companies, Bhangoo supported Pearls Gold Forest Limited have as a feature 1980. This chit fund go out with attracted investors by promising extraordinary returns.

Over time, his sharp flourished at an astonishing anger. However, the facade came blooming down in 2013-2014, when ethics Pearls Chit Fund scam was exposed, revealing an embezzlement wheedle Rs 45,000 crore.

In this finalize scam, approximately 5.5 crore investors lost their money, though depleted investors claim the amount could be as high as Rites 60,000 crore.

To address glory situation, the Justice Lodha Panel was established in 2015 class facilitate the return of investors’ money. So far, 21 100000 investors have received some be keen on their funds, but over 5.25 crore people are still in the offing their refund. The refund proceeding is being conducted under excellence supervision of SEBI.

First Published:

August 27, 2024, 14:39 IST

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