Assam: ED attaches Rs 29.25 crore assets in Pearlvine Ponzi scheme case
Guwahati: In a major crackdown on a fraudulent investment scheme, the Enforcement Directorate (ED) has provisionally attached assets worth Rs.29.25 crore belonging to Pearlvine International. The attached assets are in the form of 14 land properties.
The ED initiated its investigation based on an FIR filed by the CID, Meghalaya Police, which was lodged following a complaint by the Reserve Bank of India (RBI), Shillong. The FIR and chargesheet named individuals involved in running the scam through the website www.pearlvine.com.
Unrecognized Entity Lured Investors with Lucrative Schemes
Pearlvine International, an unrecognized entity claiming to be US-based, offered investment options and collected a minimum membership fee of Rs.2250. The investigation revealed that the company operated a Ponzi scheme in India between 2018 and March 2023. This scheme involved using funds from new investors to pay promised returns to earlier investors, creating an illusion of a profitable venture.
Aggressive Marketing and Inflated Membership Claims
Pearlvine International aggressively promoted its scheme through nationwide seminars, claiming a membership of a staggering 80 lakh (8 million) in India and abroad at its peak in 2022.
Mastermind and Website Operator Identified
The ED investigation identified Neeraj Kumar Gupta as the mastermind behind the scam. He reportedly purchased the domain name www.pearlvine.com in November 2015 and conducted seminars for Pearlvine International in both India and Thailand. Parvesh Saroha was identified as the individual responsible for designing and hosting the website. The investigation further revealed that the proceeds of the crime were primarily invested in land properties.
Total Assets Attached Exceed Rs.37 Crore
This latest attachment brings the total value of assets attached by the ED in this case to Rs.37.07 crore. It includes properties worth Rs.7.82 crore previously attached belonging to Parvesh Saroha.
The ED continues its investigation into the Pearlvine International Ponzi scheme.