LUCKNOW, July 11 -- The Uttar Pradesh Police's economic offences wing (EOW) on Wednesday arrested a former director of the Pearl Agro-tech Corporation Ltd (PACL), identified as Gurnam Singh from Rupnagar in connection with Rs.49,000 crore investment scam.

EOW director general Neera Rawat, while addressing a press conference at police headquarters in Lucknow on Thursday, said that the accused has been arrested in a case registered in the matter in UP's Jalaun.

She said the scam involved at least 5 crore investors spread across 10 states including UP, Assam, Punjab, Rajasthan, Delhi, Madhya Pradesh, Andhra Pradesh, Kerala, Bihar, and Chhattisgarh.

"The company allegedly collected huge sums of money from the public by promising to provide...