Pearls Group's Nirmal Singh Bhangoo no more

Bhangoo reportedly passed away at age 71 in Tihar jail where he was lodged in the aftermath of the Pearl Group Scam

by e4m Desk
Published: Aug 26, 2024 12:51 PM | 1 min read

Nirmal Singh Bhangoo, CMD of Pearls Argrotech Corporation Limited (PACL), has passed away at age 70. He reportedly passed away in Tihar jail where he was lodged in the aftermath of the Pearl Group Scam in 2016. News reports suggest that health complications were the cause of his demise.

The businessman had a humble beginning, starting as a milkman from Bela village in Ropar Punjab to becoming a billionaire owning 1.25 lakh acres of land in India.

Bhangoo was accused in 2014 in the Rs 45,000 crore Ponzi scheme where around 5.5 crore investors were reportedly swindled.

Bhangoo has been often compared to Sahara’s Subrata Roy, who also had a meteoric rise and then a fall from grace. PACL also sponsored IPL teams and kabaddi tournaments. The Group also owns Pearls Broadcasting Corporation, under which it runs a Hindi news channel P7 News with a focus on social development stories across India.