Guwahati: ED Seizes Rs 29.25 Crore in Land Assets in Pearlvine Fraud Case

The Enforcement Directorate (ED) has seized 14 land properties valued at an estimated Rs 29.25 crore in Guwahati, targeting the fraudulent investment scheme Pearlvine International.

The properties were attached under the Prevention of Money Laundering Act (PMLA), 2002, according to a statement released by the Guwahati Zonal Office of the ED on Friday.

The investigation commenced following a First Information Report (FIR) lodged by the Criminal Investigation Department of Meghalaya Police. The FIR was based on a complaint from the Reserve Bank of India in Shillong, which resulted in a charge sheet against individuals involved in the scam.

Pearlvine International, claiming to be a US-based entity, offered lucrative investment options through its website, www.pearlvine.com. The company operated a Ponzi scheme in India from 2018 to March 2023, charging a minimum membership fee of Rs 2,250. During its peak in 2022, Pearlvine International boasted 80 lakh members globally and organized seminars across the country to recruit new members.

ED’s investigation identified Neeraj Kumar Gupta as the mastermind behind the scheme. Gupta, who acquired the domain in November 2015, hosted several seminars in India and Thailand. Additionally, the website was designed and hosted by Parvesh Saroha. The agency revealed that the proceeds of the crime were primarily invested in real estate.

To date, the ED has attached properties worth a total of Rs 37.07 crore in this case, including Rs 7.82 crore in properties previously linked to Saroha.

Also Read: IRS Officer Rahul Navin Appointed New Director of ED