LUCKNOW, July 11 -- The Economic Offences Wing (EOW) of the Uttar Pradesh Police on Wednesday arrested key accused Gurnam Singh from Punjab's Ropar district in connection with the nearly Rs.49,000 crore Pearls Agro-tech Corporation Ltd (PACL) investment scam and brought him to U.P.'s Jalaun on Thursday for further legal proceedings, said director general (DG) of EOW Neera Rawat at a press conference in Lucknow on Thursday. Gurnam Singh is one of the directors of the firm, according to the U.P. EOW.

Rawat said the scam involved at least five crore gullible investors spread across 10 states, including Uttar Pradesh, Assam, Punjab, Rajasthan, Delhi, Madhya Pradesh, Andhra Pradesh, Kerala, Bihar, and Chhattisgarh.

The company allegedly coll...