But the 60-year-old has been named as a suspect by the New Delhi-based Central Bureau of Investigation as it continues to gather evidence on an alleged Ponzi-style scheme.
Authorities say 900,000 “gullible investors’’ were conned ‘’through a collective investment scheme under the garb of sale and development of agricultural land’’.
A CBI spokeswoman told The Sunday Mail that about $8 billion was involved.
Anti-corruption officers in five cities have seized “incriminating’’ documents in raids on directors’ homes and offices linked to two companies in Mr Bhangoo’s Pearls Group business empire. It includes a land bank of 1.5 million acres, real estate and interests in everything from hotels, hospitals and education to a television company. He holds the exclusive rights to VB and Wolf Blass in India.
Indian tycoon leads visa rush
Authorities allege that after one company was ordered by the High Court to wind up the scheme and refund investors, a second operation was launched to collect funds from new investors to pay the first group.
The CBI said no arrests or charges had been made. Australian authorities had “not yet’’ been asked to become involved.
The former dairy farmer made a dramatic entry into the Australian property market in 2009, when Pearls Australasia paid $62 million cash for the luxurious Sheraton Mirage Resort and Spa – built by notorious fugitive Christopher Skase – and spent another $20 million on renovations. Australian cricketer Brett Lee was appointed as the company’s international ambassador.
Pearls Australasia was formed after an Australian Government trade mission to India introduced Mr Bhangoo’s company to Gold Coast-based developers Peter Madrers and Paul Brinsmead, whose previous business Resort Corp collapsed in 2009.
In a statement yesterday, Pearls Australasia said that Pearls Infrastructure Projects Limited was a passive investor in the local company and was not one of the entities being investigated in India.
Pearls Australia has partnered with David Devine’s Metro Property on $300 million-plus of apartment projects in Bowen Hills and Fortitude Valley. A Metro spokeswomen yesterday said: “We are aware of the allegations against Pearls in India but are confident there will be no impact on our business.”
couriermail.com.au 9 Mar 2014
One of many corrupt businessmen from overseas raping the Australian nation.
Lets see how many corrupt persons he can and will bribe along the way to escape 'justice'.
Australia is in the forefront of corporate fraud, which literally goes unpunished, provided one is part of the supported few of the 'brotherhood'.