Meghalaya: ED Attaches ₹17.91 Crore Assets in Pearlvine International Ponzi Scam Probe

Shillong: The Enforcement Directorate's (ED) Shillong Sub-Zonal Office in Meghalaya has provisionally seized properties valued at ₹17.91 crore linked to a massive Ponzi scheme operated through the website www.pearlvine.com under the name Pearlvine International.

The attachment, executed on December 10 under the Prevention of Money Laundering Act (PMLA), 2002, includes 13 immovable properties and seven movable assets, such as high-end luxury vehicles believed to have been bought with funds generated from the fraud.

The money-laundering investigation originated from a First Information Report (FIR) registered by the Criminal Investigation Department (CID) of Meghalaya Police, triggered by a complaint from the Reserve Bank of India (RBI) office in Shillong. A chargesheet has since been filed against the accused under relevant sections.

Pearlvine International, an unregistered entity that misleadingly claimed to be a U.S.-based company, promised attractive high returns on investments. It required a minimum membership fee of ₹2,250 and ran the Ponzi operation across India from 2018 until March 2023. The scheme involved hosting promotional seminars in various parts of the country and even in Thailand to recruit new investors. At its height in 2022, the organisation boasted around 80 lakh members in India and overseas.

ED probes have uncovered that the mastermind, Neeraj Kumar Gupta, registered the domain pearlvine.com back in November 2015 and actively led the promotional events. The website's development and hosting were managed by Parvesh Saroha, whose assets worth ₹7.82 crore were attached in a previous action.

Authorities estimate that the fraudulent entity amassed at least ₹1,575 crore from gullible investors, with ₹395.35 crore still outstanding and unreturned. Much of these illicit gains were channelled into real estate and other investments.

Including this latest seizure, the total value of assets attached by the ED in the case now reaches ₹54.98 crore, following prior attachments amounting to ₹37.07 crore. The investigation remains ongoing.

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