PACL did not make any offer to pay Rs 20,000 cr in 3 years: Lodha committee

PACL Group, which had collected more than Rs 60,000 crore from gullible investors through illegal collective investment schemes, has not made any offer to pay Rs 20,000 crore in three years by sale of properties, a high-powered committee looking into refunds for the investors said on Tuesday. The clarification follows a video being circulated on WhatsApp about the PACL group having offered to refund the money.

PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over a period of 18 years. A panel, headed by retired Justice R M Lodha, has been set up to manage refunds for investors, who had invested money in PACL.

In a press release circulated by the Securities and Exchange Board of India (Sebi), the Lodha Committee said it has come to know about a video being circulated on WhatsApp containing a clipping from a business channel which states that PACL has made an offer to pay Rs 20,000 crore in three years by sale of properties and that the committee would revert with a counter offer by June 21..

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