look news india
In the Pearlvine International fraud case, the Guwahati regional office in Assam has taken action against a fraudulent investment website operating under the banner of 'Pearlvine International'. The agency said on Friday that assets worth about Rs. 29.25 crore have been seized.
The ED initiated the investigation based on a first information report (FIR) registered by the Criminal Investigation Department of Meghalaya Police on the basis of a complaint from the Reserve Bank of India in Shillong against the persons involved under various sections of the Indian Penal Code, 1860.
Pearlvine International, an unknown entity claiming to be based in the US and offering several lucrative investment options, charged a minimum membership fee of Rs. 2,250 and operated a Ponzi scheme in India during the period from 2018 to March 2023. During this period, Pearlvine International organised seminars across the country to popularise membership and its benefits, the ED said.
At one point in 2022, Pearlvine International claimed to have a membership of 8 million members in India and abroad. The ED investigation revealed that Neeraj Kumar Gupta was behind the entire scam and he had purchased the pearlvine.com domain in November. According to the ED, Neeraj Kumar Gupta organised several seminars of Pearlvine International in India as well as Thailand. The agency said that the proceeds of crime (POC) were mainly invested in land properties. A total of Rs 37.07 crore has been seized by the ED in this case so far, out of which properties worth Rs 7.82 crore have already been seized by the ED.