8 Lakh PACL Investors Received Money upto Rs 7,000

Markets regulator SEBI informed on Wednesday that they had paid a total of Rs 205 crore to 8 lakh investors of PACL, with claims up to Rs 7,000.

PACL, which had raised money from the general public within the name of agriculture and land businesses, was found by SEBI to possess collected quite Rs 60,000 crore through illegal collective investment schemes (CISs) for the last 18 years.

A panel headed by retired Justice R M Lodha initiated the method of refunds in two phases- during the amount January 2, 2018, to March 31, 2018, and February 8, 2019, to July 31, 2019 – for people who invested money in PACL.

SEBI issued a statement stating that as on date, they have paid 8, 31,018 investors, with a total of Rs 204.85 crore, of claims up to Rs 7,000.

In December last year, the regulator paid 2, 77,544 investors having a claim amount up to Rs 5,000 under the second refund process.

In the first phase, refunds were effected to 1, 89, 103 investors having claim amount up to Rs 2,500.