CBI links Harbhajan, Yuvraj in 45000 crore ponzi scam

New Delhi: Two of the most successful and popular Indian cricketers, Harbhajan Singh and Yuvraj Singh could face trouble as a list prepared by Central Bureau of Investigation (CBI) in ponzi scam mentions their names. The list includes names of film personalities and cricketers who received gifts from the Pearl Group.

The CBI arrested Nirmal Singh Bhangoo- Pearl’s managing director- with three others on January 9 in a Rs 45,000 crore ponzi scam. The four have been charged for cheating unsuspecting investors.

Ponzi means a type of fraud in which a person believes in the success of enterprise which does not exist and is encouraged by the payment of quick returns which in reality is the money of the new investors.

Pearls Group gifted plots in Mohali to Harbhajan and Yuvraj  when they were selected for the T20 International series against Austrailia. (ED)Enforcement Directorate and CBI seized the plots. However, Shabnam, Yuvraj’s mother said that her family and son had no connection 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.

To promote its interests in Australia, Pearls Group made Brett Lee their brand ambassador.

Pearls Group also co-sponsored an Indian Premier League in the past and the India-West Indies ODI series in 2011.(Inputs from agencies)(image-cricinfo)