ED action in Meghalaya nets Rs 17.91 crore assets in nationwide Ponzi scam

The Enforcement Directorate (ED) officials on December 12 confirmed a fresh round of action in the Pearlvine International Ponzi case, with assets worth Rs 17.91 crore now provisionally attached as part of the ongoing money-laundering investigation.

The attachment was carried out on December 10 by the ED's Shillong Sub-Zonal Office under the Prevention of Money Laundering Act (PMLA) 2002. It covers 13 immovable and seven movable properties, including several luxury cars allegedly acquired using proceeds of crime.

The money-laundering probe stems from an FIR filed by the CID, Meghalaya Police, following a complaint from the RBI’s Shillong office. A chargesheet under various IPC provisions was subsequently filed against individuals involved in the scheme operating under the banner ‘Pearlvine International’.

According to the ED, Pearlvine International—an unrecognised entity that falsely projected itself as a US-based company—enticed investors with high-return schemes, collected a minimum membership fee of Rs 2,250 and ran a Ponzi network across India from 2018 to March 2023. The operators also held seminars nationwide to solicit investments, at one point claiming more than 80 lakh members in India and abroad 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.

The probe has identified Neeraj Kumar Gupta as the key perpetrator. He purchased the domain pearlvine.com in November 2015 and organised promotional seminars in India and Thailand.

With the latest action, total attachments in the case have risen to Rs 54.98 crore, including an earlier attachment of Rs 37.07 crore, the ED said.

Further investigation is underway.