By Our Reporter
SHILLONG, Jan 17: The Directorate of Enforcement (ED), Shillong Sub-Zonal Office, on Friday filed a supplementary prosecution complaint before the Special Court under the Prevention of Money Laundering Act (PMLA), 2002, against 13 accused persons in connection with the Pearlvine International ponzi scheme case.
Sources said it was alleged in the complaint that Parvesh Saroha hosted the website www.pearlvine.com that was used to operate the illegal money circulation scheme.
The ED further alleged that Neeraj Kumar Gupta was the mastermind who is accused of purchasing the website domain in November 2015 and conducting promotional seminars of Pearlvine International in India as well as in Thailand to expand and promote the ponzi scheme.
The ED had filed the main prosecution complaint on October 23, 2024, in which Parvesh Saroha, along with Sony Chyrmang and Khroborme Chyrmang, were named as accused for promoting the scheme in Meghalaya. The Special Court has already taken cognisance of the case which is now under trial.
The ED had initiated its investigation based on an FIR registered by the CID of Meghalaya Police, following a complaint lodged by the Reserve Bank of India, Shillong. A chargesheet was filed under various sections of the Indian Penal Code against those involved in the alleged scam.
According to the investigation, Pearlvine International collected a minimum of Rs 2,250 as membership fees and ran a pyramid-based scheme in India between 2018 and March 2023. During this period, numerous seminars were organised across the country to solicit members and popularise the scheme.
At its peak in 2022, Pearlvine International claimed to have around 80 lakh members in India and abroad. The ED’s probe revealed that proceeds of crime, amounting to approximately Rs 1,575 crore, were collected, of which at least Rs 395.35 crore was allegedly siphoned off, defrauding investors.
So far, the ED has attached assets worth Rs 54.98 crore. The attached properties include 13 immovable assets and seven movable assets, including luxury vehicles which were allegedly acquired using the proceeds of crime.
The ED had stated that the key accused, including mastermind Neeraj Kumar Gupta and his associates, are based in Delhi.
Officials said the exact number of people duped is yet to be ascertained due to the absence of proper and verifiable records maintained by the firm.
“Pearlvine International was an unrecognised entity that falsely claimed to be US-based and operated in India between 2018 and March 2023,” an ED official had stated, adding that the scheme functioned on a classic pyramid structure, requiring participants to recruit new members, leading to exponential growth of investors. Further investigation into the case is on.
