Meghalaya: ED attaches Rs 17.91 crore assets in Pearlvine International Ponzi scam

Guwahati: The Enforcement Directorate (ED) on Friday confirmed that it has provisionally attached assets worth Rs 17.91 crore in Meghalaya in connection with the Pearlvine International Ponzi scheme as part of its ongoing money-laundering investigation.

The attachment, carried out on December 10 by the ED’s Shillong Sub-Zonal Office under the Prevention of Money Laundering Act (PMLA) 2002, includes 13 immovable and seven movable properties, such as several luxury cars allegedly purchased using the proceeds of the scam.

The investigation follows an FIR filed by the CID, Meghalaya Police, based on a complaint from the RBI’s Shillong office.

A chargesheet under various IPC sections has been filed against individuals linked to Pearlvine International, an unrecognised entity that falsely claimed to be US-based.

The company attracted investors with promises of high returns, charging a minimum membership fee of Rs 2,250, and operated a Ponzi network across India from 2018 to March 2023.

Pearlvine International also conducted seminars nationwide to solicit investments, at one point claiming more than 80 lakh members in India and abroad in 2022.

Investigators estimate the scheme collected at least Rs 1,575 crore, of which Rs 395.35 crore remains unreturned to investors.

The ED has identified Neeraj Kumar Gupta as the key operator.

Gupta, who bought the domain pearlvine.com in November 2015, organised promotional seminars in India and Thailand to attract investors.

With the latest attachment, total assets seized in the case now stand at Rs 54.98 crore, including Rs 37.07 crore attached earlier, according to the ED. Investigations are continuing.