The Enforcement Directorate (ED) confirmed on December 12 that it has provisionally attached assets worth Rs 17.91 crore in connection with the Pearlvine International Ponzi case, marking a fresh round of action in the 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), covers 13 immovable and seven movable properties, including several luxury vehicles allegedly purchased using the proceeds of crime.
The probe follows a CID FIR filed by Meghalaya Police after a complaint from the RBI’s Shillong office. A chargesheet was subsequently filed under various IPC provisions against individuals involved in the scheme, which operated under the name ‘Pearlvine International’.
According to the ED, Pearlvine International, an unrecognised entity that falsely claimed to be a US-based company, lured investors with promises of high returns. The scheme collected a minimum membership fee of Rs 2,250 and operated as a Ponzi network across India from 2018 to March 2023. The operators reportedly held seminars nationwide and abroad, at one point claiming more than 80 lakh members in India and overseas in 2022.
Investigators estimate that the entity collected at least Rs 1,575 crore, of which Rs 395.35 crore was never returned to investors. Neeraj Kumar Gupta has been identified as the key promoter; he purchased the domain pearlvine.com in November 2015 and organised promotional seminars in India and Thailand.
With the latest action, total assets attached in the case now amount to Rs 54.98 crore, including an earlier attachment of Rs 37.07 crore, the ED said.
The investigation is ongoing.