World Cup 2011 heroes Yuvraj Singh and Harbhajan Singh could be facing investigators probing the 45,000-crore Pearls Group ponzi scheme. According to media reports, the Central Bureau of Investigation (CBI) is preparing a list of celebrities who were involved with the scheme that duped crores of gullible investors. Yuvraj and Harbhajan allegedly received plots of lands in Mohali as gifts.

On January 9, the managing director of the Chandigarh-based Pearls Group, Nirmal Singh Bhangoo, was arrested for duping investors in blatant violation of the law. The group was accused of fleecing investors by running operations under new names.

All ponzi schemes, including the ones run by Pearls group, require an unsustainably large pool of investors to uphold the scam. In this pyramidal structure, the schemer starts by taking Rs 1,000 from investors, promising to double it within a month. But instead of investing their money, he pays them with funds garnered from other investors roped in as the scheme progresses.

The Pearls Group also roped in former speedster Brett Lee to be a brand ambassador in Australia. The group, which sponsored the Kings XI Punjab team in the Indian Premier League, has commercial interests in kabaddi and golf leagues in India. Yuvraj and Lee have been part of Kings XI Punjab in the past. Bollywood actress Preity Zinta is a co-owner of the Punjab franchise.

Bhangoo and three senior officials of the group are in CBI’s custody till January 19. World Cup-winning stars Yuvraj and Harbhajan are both in India’s twenty20 international squad for the three-match series in Australia later this month.

Yuvraj’s mother Shabnam said her son was not involved with the tainted 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,” Shabnam has been quoted as saying in media reports.

Both Yuvraj and Harbhajan have huge business interests beyond cricket. Yuvraj also promotes a real estate company.