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PEARL-Real Estate Company dupes hapless investor; LM comes to rescue 11/27/2014 11:21:04 PM Jammu, Nov 27 : Continuing with their efforts to protect consumers being fleeced by misleading advertisements about doubling of their money in the shortest possible time, the department of Legal Metrology today came to the rescue of a lady namely Garo Devi W/O MadanLal R/O MeenChak Bari Brahmana, who was made to suffer from her hard earned money which she invested in real estate company expecting lucrative gains. According to the complainant, She invested Rs 50,000 in three parts @ Rs 20,000, Rs 20,000 & Rs 10,000 with M/S PACL Indial Limited, commonly known by PEARL having its local office at Canal Road & registered office at Jaipur with the hope to double its amount by its maturity date in July 2014. With high hopes she approached the said company after maturity & submitted the Buy Back papers for liquidation of the amount in her favour, who in turn was assured to wait for further few days. After repeated visits for more than 3 months at their doorsteps, she was refused payments. Sensing foul play, she approached the department of Legal Metrology to register her complaint of unfair trade practices under Consumer Protection Act. Acting swiftly on the complaint, The Joint Controller Legal Metrology Amar Singh Immediately took cognizance of the complaint & searched the whereabouts of the company at the internet which reveals the dishonestly frequent cheating by the said company & in fact The Securities and Exchange Board Of India(SEBI) has already directed PACL, the firm under question to refund Rs 44,000 crore to the investors in three months time& it was the biggest crack down By SEBI on the entity in monetary terms with the direction to its promoters and Directors to wind up all the existing collective investment schemes. The department immediately approached the local officers of the company on behalf of the aggrieved consumer & ensured that the said amount is being released by the company on the spot. The company officials surrendered fearing the initiative of legal action from the department & to come out of the situation, company immediately released an amount of Rs 107000 including the interest beyond the maturity date.   Share This News with Your Friends on Social Network     Comment on this Story

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