Chit Fund Scam Accused Nirmal Singh Bhangoo Passes Away in Tihar Jail

Nirmal Singh Bhangoo, chairman of Pearls Group, accused in a multi-crore chit fund scam, died in west Delhi's Deen Dayal Upadhyay Hospital. He suffered from several illnesses and had undergone a kidney transplant. Bhangoo had been lodged in Tihar jail since his 2016 arrest by the CBI.

Nirmal Singh Bhangoo, the chairman of Pearls Group and accused in a multi-crore chit fund scam, passed away during treatment at west Delhi's Deen Dayal Upadhyay Hospital on Monday, officials reported. Bhangoo, 68, who was lodged in Tihar jail since 2016 after being arrested by the CBI, was suffering from multiple diseases and had recently undergone a kidney transplant surgery.

According to Tihar jail sources, Bhangoo was taken to the hospital after he complained of uneasiness on Sunday at 6.25 pm. He was first taken to the jail's dispensary before being referred to the DDU Hospital, where he died during treatment at around 12.30 am. Sources noted that Bhangoo suffered from coronary artery disease, post-kidney transplant complications, abdominal discomfort, palpitations, high serum creatinine levels, tachycardia, and hypertension.

The PACL (Pearls Agrotech Corporation Ltd) and its promoters, including Bhangoo, had been involved in a legal battle over their alleged failure to return Rs 49,100 crore collected through chit fund schemes to investors. SEBI found that the Pearls Group had raised more than Rs 49,100 crore through illegal collective investment schemes over 18 years.

(With inputs from agencies.)