playback singer Sonu Nigam has been banned by SEBI from selling or transferring agricultural land in karjat area in maharashtra that he had purched from a company crisis-ridden PACL group.
PACl assets have been seized by SEBI for cllective investment scheme(CIS)fraud.PACL collected more than 60,000 crore from investor through illegal CIS over a period of 18 years.
Nigam has a farmhouse in karjat that was purchased from PACL.In its order,SEBI said ,”Nigam has been prohibited fromdisposing,transferring,alienating or charging agricultural land of over 53 acres in karjat.”
The PACL committee,which has been entrusted to sell properties of PACL and use the sale proceeds to refund investors,received a letter in April 2018 from jan Kalyan Trust informing the panel about a sale of agricultural land made to sonu nigam in 2018.
According to the letter,the property belongs to a sister concern of PACL Ltd-wital see marketing and at the time of purchasing the propery,payment was made by PACL.In its submission to the committee in may 2018,PACL said that more than 99 percent share capital of wital see marketing is controlled directly by its 21 associate companies. SEBI on August 22,2014, had asked PACL and its promoters and directors to refund the money.