CHENNAI: The Central Bureau of Investigation (CBI) has registered a case against a private firm and its directors and unknown public servants for allegedly cheating the Justice R M Lodha Committee by fabricating and manipulating property documents belonging to PACL Ltd and selling more than 1000 acres of lands in Southern Tamil Nadu worth over several thousand crores to others.
The Anti Corruption Branch (ACB) Madurai has booked M/s CAPE Infrastructure Pvt Ltd, its managing director, I Krishna Pillai, his son, K Iyappa, Director of M/s Krisva Power Private Limited, Kombaiah, J Ayyanar and "unknown" public servants.
The latest action by CBI comes in the wake of a direction by the Madurai bench of the Madras High Court.
According to the FIR registered by ACB, Madurai, the accused sold more than 1000 acres of lands of PACL to companies - M/s SP Infrastructures Private Limited and M/s Arina solar company knowing fully well that the properties were entrusted under the governance of Justice Lodha committee.
PACL, also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found to have collected thousands of crores of rupees through illegal collective investment schemes over 18 years.
The Supreme Court had appointed a committee headed by the Former CJI Justice RM Lodha and was directed to sell the properties belonging to PACL and to utilise the sale proceeds to repay six crore investors.
In August 2022, Tamil Nadu Police's DVAC (Directorate of Vigilance and Anti Corruption) registered a case against an Inspector General of the Tamil Nadu Registration Department, KV Srinivasan under the Prevention of corruption act for allegedly facilitating dubious transactions.