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Indian players Yuvraj, Harbhajan linked to Rs 45,000 crore ponzi scam

Latest Update: January 14, 2016 | 416 Views
Harbhajan-Yuvraj

NEW DELHI: Indian cricketers Yuvraj Singh and Harbhajan Singh could land in trouble with the Central Bureau of Investigation (CBI), which is preparing a list of cricketers and film personalities who received gifts from the Pearls Group, according to media reports .

The managing director of Pearls Group Nirmal Singh Bhangoo and three others were arrested by the CBI on January 9 in a Rs 45,000 crore Ponzi scam. The four have been accused of duping unsuspecting investors.

Ponzi refers to a form of fraud in which belief in the success of a non-existent enterprise is fostered by the payment of quick returns to the first investors from money invested by later investors.

Yuvraj and Harbhajan, who were selected for the three-match T20 International series against Australia, 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).

However, Yuvraj’s mother Shabnam said her son and family were not involved with Pearls Group.

“Pearl Group informed us to gift a plot as part of World Cup winning team in 2011. However, we have not received that plot. We have no other involvement whatsoever with Pearl Group,” she said.

Former Australia pacer Brett Lee was made brand ambassador by Pearls Group to promote its interests in Australia.

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