ED Seizes Rs 29.25 Crore In Guwahati Over Pearlvine Fraud

Pearlvine Fraud

The Enforcement Directorate has seized 14 land properties in Guwahati, valued at approximately Rs 29.25 crore, in connection with the Pearlvine International investment scam. The action was taken under the Prevention of Money Laundering Act, 2002.

The ED’s Guwahati Zonal Office carried out the attachment following an investigation triggered by a First Information Report (FIR) filed by the Criminal Investigation Department of Meghalaya Police. This FIR stemmed from a complaint by the Reserve Bank of India and a charge sheet filed under various sections of the Indian Penal Code against those involved in the scam.

Pearlvine International, a fraudulent entity claiming to be based in the US, operated a Ponzi scheme in India from 2018 to March 2023. It attracted investors by charging a minimum membership fee of Rs 2,250 and conducted seminars across the country, claiming to have up to 80 lakh members globally by 2022.

The ED’s probe identified Neeraj Kumar Gupta as the mastermind behind the scam. Gupta, who registered the domain www.pearlvine.com in November 2015, also organized seminars in India and Thailand. Parvesh Saroha was responsible for designing and hosting the Pearlvine website. The proceeds from the scam were largely invested in real estate.

Overall, the ED has attached assets worth Rs 37.07 crore in this case, including properties worth Rs 7.82 crore that were seized earlier from Saroha.