Press Release
New Delhi, 14.10.2014


       Regarding queries of Media on a news items published in a English Newspaper on 13th & 14th October, 2014 titled “CBI compromised India’s biggest ponzi scam case worth Rs.47,000 cr"  and  “Another feather in CBI’s corrupt cap".


       It would be totally incorrect and erroneous to suggest that CBI has been “compromised”. The said report is false, baseless and malicious and is aimed at destroying the credibility of CBI as an Institution. It also appears to be part of concerted design to malign India’s premier investigative agency.


       CBI wishes to clarify that the investigation in this case is being conducted in comprehensive, free and fair manner.  All angles related to the functioning of the concerned companies are being carefully investigated and appropriate actions are  being taken as per the Law of the land.


       CBI also wishes to state that a preliminary enquiry was registered by CBI against M/s PGF Ltd. on the directions of the Hon’ble Supreme Court for enquiring into the allegations of collection of funds from a large number of investors/public in the garb of allotment of land in their favour.  Later, it was due to proactive enquiry by CBI that the activities of M/s PACL were unearthed and are now being investigated


       To report in your story that “Rs.100 crore bribe is rumoured to have exchanged hands between powerful people” and the allegations in the news report that one of the accused has not been arrested due to “pressure from some influential quarters” is a complete sham and not based on facts. To say that the investigation is being “slowed down”  is to propagate falsehood of the highest order. The news report itself is suggestive that it is a ‘rumour’.


       The investigation in the matter is going on in earnest.  CBI has conducted a large number of searches across various States and seized huge records consisting of thousands of Sale Deeds, Transfer Deeds and Title Deeds. More than 1000 accounts have been frozen on a reasonable suspicion of being recipient of proceeds of crime.  Detailed field verifications have also been conducted at various places in respect of properties/land bank which have been acquired by the promoters of two groups, besides examining a large number of witnesses in the case. CBI is regularly interacting with other law enforcement agencies in this case  i.e SEBI, ED and Income Tax Department for a coordinated action.


       CBI reiterates its commitment to its motto of “Industry, Impartiality and Integrity”.