Shillong: The Enforcement Directorate has provisionally attached assets worth Rs 17.91 crore in Meghalaya in connection with a pan-India Ponzi scam allegedly operated through a fraudulent investment platform, officials said on Friday.
The action was taken on December 10 by the ED’s Shillong Sub-Zonal Office under the provisions of the Prevention of Money Laundering Act, 2002.
The attached assets comprise 13 immovable and seven movable properties, including several high-end vehicles, which the agency claims were acquired using proceeds of crime.
The money laundering investigation originates from an FIR registered by the CID of the Meghalaya Police following a complaint lodged by the Reserve Bank of India’s Shillong office.
Subsequently, a chargesheet was filed under various provisions of the Indian Penal Code against those accused of running the scheme under the banner of “Pearlvine International”.
According to the ED, Pearlvine International was an unrecognised entity that misrepresented itself as a US-based company to attract investors.
The platform allegedly operated a Ponzi scheme between 2018 and March 2023, charging a minimum membership fee of Rs 2,250 and enticing participants with promises of high returns.
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The agency said the operators organised promotional seminars across the country and, in 2022, claimed to have more than 80 lakh members in India and overseas.
Investigations have so far revealed that the scheme mobilised at least Rs 1,575 crore, of which about Rs 395.35 crore was not returned to investors.
The ED has identified Neeraj Kumar Gupta as the principal accused, alleging that he purchased the domain pearlvine.com in November 2015 and spearheaded promotional activities, including seminars held in India and Thailand.
With the latest attachment, the total value of assets seized in the case has increased to Rs 54.98 crore, including an earlier attachment of Rs 37.07 crore. Further investigation in the matter is ongoing.
