Harbhajan Singh and Yuvraj Singh linked to a massive scam

Indian cricketers Yuvraj Singh and Harbhajan Singh may get in legal troubles with the Central Bureau of Investigation (CBI). The CBI is preparing a list of cricketers and film personalities who received gifts from the Pearls Group, the company charged with alleged fraud of Rs 45,000 crore.

On January 9, the managing director of Pearls Group Nirmal Singh Bhangoo and three others were arrested by the federal investigative agency, Central Bureau of Investigation (CBI). The four have been accused of duping unsuspecting investors. It is reported that some 55 million investors who joined the massive scheme have been duped. The fraud is perhaps the biggest financial scam in India.

Apart from Bhangoo, CMD of Pearls Golden Forest Ltd (PGF) and ex-Chairman of Pearls Australasia Pty Limited, the other three arrested are Sukhdev Singh, MD and Promoter-Director of Pearls Agrotech Corporation Ltd (PACL), Gurmeet Singh, Executive Director (Finance) and Subrata Bhattacharya, ED in the PGF/PACL.

Possibly, Yuvraj and Harbhajan would be questioned regarding the matter as they had reportedly received plots in Mohali as gifts from the Ponzi Company. The plots are now likely to be seized by CBI and the Enforcement Directorate (ED). Former Australia pacer Brett Lee was made brand ambassador by Pearls Group to promote its interests in Australia.

Pearls Group has sponsored an Indian Premier League side in the past. They had also sponsored the India-West Indies ODI series in 2011.

Fraudulent investing schemes where investors are lured into parking their funds with promises of high returns are not uncommon in India. Some of the biggest include the Sahara scam and the Saradha chit fund fraud, which have between them duped investors of more than Rs66,895 crore ($10 billion).