Guwahati: ED Confiscates Rs 29.25 Crore In Land Assets In Connection With Pearlvine Fraud Case

GUWAHATI: In a major crackdown, the Enforcement Directorate (ED) has confiscated 14 land properties valued at an estimated Rs 29.25 crore in Guwahati in connection with a fraudulent investment scheme pertaining to Pearlvine International.

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

The Criminal Investigation Department of Meghalaya Police filed a First Information Report (FIR), following which, the investigation into this case was initiated.

The FIR was based on a complaint from the Reserve Bank of India in Shillong, which led to a charge sheet against individuals involved in the scam.

The scandal originated from Pearlvine International, claiming to be a US-based entity, who offered lucrative investment options through its website, www.pearlvine.com.

The company ran a Ponzi scheme in India from 2018 to March 2023 and they charged a minimum membership fee of Rs 2,250.

Pearlvine International had as many as 80 lakh members across the globe during its peak in 2022 and they conducted seminars across the country to recruit new members.

The investigation carried out by the ED identified Neeraj Kumar Gupta as the mastermind behind the scheme. Gupta had acquired the domain back in November 2015 and he hosted several seminars in India as well as in Thailand. 

It is worth mentioning that the website was designed and hosted by Parvesh Saroha. The probe agency disclosed that the gains extracted from the scam were mostly invested in real estate.

The ED has so far attached properties amounting to a total of Rs 37.07 crore in this case, including Rs 7.82 crore in properties previously linked to Saroha.

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