Investors more than 50 in number who invested in the Pearls Agrotech Corporation Limited (PACL), petitioned the Coimbatore district collector to help them in recovering Rs.6 crores of their invested money. PACL, Pearl Group company, a finance company had defrauded over Rs. 55,000 crores of investments across the nation through their ponzi schemes, in the field of Agriculture and Real estate.
The investors of PACL have been demonstrating continued protests and petitions seeking action against the defaulter and for the safe return of their investments.
In this regard, a petition was submitted today by the affected investors to the District Collector. “We are living in Coimbatore and nearby places. We invested money in PACL in monthly and fixed deposits through the collection agent. From the meager amount that we earn through our daily laborer jobs, we invested a portion of it at PACL to have good returns in future. We compromised our daily living to pay our monthly dues promptly to PACL. But today, we are stranded as our money has been compromised.
Our investments have reached the maturity period. However, despite making several requests, our investments have not been returned to us, so far. About Rs.6 crores that is invested by lakhs of people in this said company is at stake.” said the petitioners.
“The state and central government and the Coimbatore district administration should take necessary steps for safe return of our money invested in PACL' petitioners said.