New Delhi: A Delhi court has summoned Harsatinder Pal Singh Hayer, son-in-law of the late Pearls Group chairperson Nirmal Singh Bhangoo, in connection with a money laundering probe linked to an alleged Rs 48,000 crore Ponzi scheme that defrauded numerous investors. Bhangoo passed away in Aug 2024.Special Judge Jagdish Kumar ordered Hayer to appear before the court on July 18, 2025. “I have carefully examined the documents and witness statements. Prima facie, there is sufficient material on record against Harsatinder Pal Singh Hayer and MBD Housing Complex Private Limited for the offence of money laundering. Let them be summoned for July 18, 2025,” the judge stated.Hayer was arrested by the Enforcement Directorate (ED) in March and is currently in judicial custody. On June 9, the court found prima facie evidence against him. The ongoing money laundering investigation, dating back to 2015, stems from a CBI FIR against Pearls Agrotech Corporation Limited (PACL), PGF Limited, Bhangoo, and others for running fraudulent investment schemes to deceive investors.The chargesheet alleges that PACL and its directors defrauded investors of approximately Rs 48,000 crore through these schemes. Hayer was a director in several PACL associate companies, including two Australian entities—Pearls Australasia Pty Ltd and Australasia Mirage I-Pty Ltd—according to the ED.The ED further alleged that PACL and its associates diverted Rs 657.18 crore of “proceeds of crime” to these Australian companies controlled by Hayer. These funds were then invested by the Australian entities in various real estate properties.Hayer is also accused of dissipating PACL’s and its related entities’ properties in violation of a Supreme Court order dated July 25, 2016. The ED has attached assets worth Rs 706 crore, including two immovable properties in Australia valued at Rs 462 crore, and has filed two chargesheets against PACL, Bhangoo, and others.
