U.S. Securities and Exchange Commission Litigation Release No. 26483, dated February 19, 2026.
The SEC charged brothers Saumil and Poorvesh Thakkar, along with their companies PASMAA GP Investment Fund Manager, LLC and Perfect Group Holdings, LLC, for allegedly orchestrating a real estate offering fraud. They are accused of raising over $12 million from investors by making material misrepresentations about the fund's investments, costs, and the Thakkar family's own investment in the fund.
In Plain English
Imagine two brothers who wanted to invest people's money in real estate. They created a special fund to do this. However, they told potential investors things that weren't true about the properties they were buying, how much those properties would cost, and even how much of their own family's money was in the fund. Because of these lies, people lost money.
Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.
How the Alleged Scheme Worked
- Forming the Fund In September 2017, brothers Saumil and Poorvesh Thakkar formed a private investment fund, the PASMAA GP Investment Fund, LLC, to invest in real estate projects. They planned to raise capital by selling units at $50,000 each.
- Controlling Entities The Thakkar brothers controlled both the fund's manager, PASMAA GP Investment Fund Manager, LLC, and the fund's sponsor, Perfect Group Holdings, LLC. They were the sole employees of the manager, and their family trusts controlled the sponsor.
- Raising Funds Between December 2017 and September 2020, the Thakkar Brothers fraudulently raised more than $12 million from approximately 48 investors for the Fund.
- Misrepresenting Project Costs The defendants allegedly made misrepresentations in the fund's offering materials, emails, and verbal solicitations, including understating project costs for the real estate investments.
- Falsely Claiming Assets Under Contract Investors were misled about a 'large asset claimed to be under contract,' which was a key misrepresentation impacting their view of the fund's potential profitability.
- Fabricating Pre-Leasing Status The defendants misrepresented that property under development was 'purportedly pre-leased,' a claim designed to assure investors of future revenue streams.
- Concealing Family Investment The complaint further alleges that the defendants misrepresented how much money the Thakkar family actually invested in the fund, making it appear more committed than it was.
- Hiding Related-Party Deals The defendants failed to disclose related-party agreements, which rendered statements in the fund's private placement memorandum misleading and obscured potential conflicts of interest.
The Enforcement Action
On February 18, 2026, the SEC filed charges against Saumil Thakkar, Poorvesh Thakkar, PASMAA GP Investment Fund Manager, LLC, and Perfect Group Holdings, LLC in the U.S. District Court for the Eastern District of Texas. The SEC seeks permanent injunctions against all defendants, disgorgement with prejudgment interest against the Thakkars and PASMAA, civil penalties against Saumil Thakkar and PASMAA, and conduct-based injunctions against the Thakkars.