Lodha Committee Warned Investors – Don’t Share Documents to Anybody

The committee noted that the mobile app (Janlok PACL Data) is out there on Google Play Store that claims to be developed by Janlok Prathistan Sansthan.

NEW DELHI: A high-powered committee, which is looking into refunds for PACL investors, on Thursday alerted them against sharing documents associated with their investments in schemes floated by the corporate. The move follows a video being posted on YouTube a few mobile application that invites investors to upload their claim applications.

After a notice circulated by the Securities and Exchange Board of India (SEBI), the Lodha Committee informs that on June 5, a video has been uploaded by NMG Rajasthan on YouTube regarding a mobile application of Janlok Prathistan, and attracting investors to upload their claim applications using this app.

The committee noted that the mobile app (Janlok PACL Data) is out there on Google Play Store that claims to be developed by Janlok Prathistan Sansthan.

The mobile app seems to move since May 26, with the sole purpose of assisting investors of PACL in recovering their claims from the corporate, it added.

The committee said that the Supreme Court trusts them with the task of effecting refunds to investors of PACL, and “no other individual/ entity is permitted to invite/collect claims from the investors of PACL Ltd to effect refund-payment.”

Given this, the panel has informed the general public at large “not to share/upload any of their documents regarding the schemes of PACL Ltd. on any portal/mobile application or with another person/entity.”

It further said investors got to rely only on the SEBI website for any information concerning the PACL Ltd case.

A video was circulated earlier on WhatsApp about the PACL group offering to pay Rs 20,000 crore in three years by sale of properties. Following this, the panel had clarified in May that the PACL group didn’t make any such offer.