The Enforcement Directorate (ED) has attached 14 land properties worth an estimated Rs 29.25 crore in Guwahati in connection with a fraud investment scheme operated under the banner of ‘Pearlvine International’.
The Guwahati Zonal Office of the ED attached these assets under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The ED initiated the investigation based on the First Information Report (FIR) registered by the Criminal Investigation Department of Meghalaya Police, following a complaint by the Reserve Bank of India in Shillong. A charge sheet was filed under various sections of the Indian Penal Code, 1860, against those involved in the scam perpetrated by Pearlvine International.
Pearlvine International was an unrecognized entity that falsely claimed to be US-based and offered several lucrative investment options. It collected a minimum of Rs 2,250 as membership fees and operated a Ponzi scheme in India from 2018 until March 2023. During this period, Pearlvine International organized seminars across the country to solicit membership and promote its benefits. At one point in 2022, Pearlvine International claimed to have 80 lakh members in India and abroad.
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The ED investigation revealed that Neeraj Kumar Gupta was the mastermind behind the scam and had purchased the domain www.pearlvine.com in November 2015. “Neeraj Kumar Gupta also conducted several seminars for Pearlvine International in India as well as in Thailand,” said the ED.
The investigation further uncovered that the website design and hosting were handled by Parvesh Saroha. The Proceeds of Crime (POC) were primarily invested in land properties, the agency reported.
The total amount attached by the ED in this case so far is Rs 37.07 crore, of which Rs 7.82 crore had already been attached earlier concerning properties of Saroha.
(WITH INPUTS FROM ANI)
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