The Directorate of Enforcement (ED), Shillong Sub-Zonal Office, lodged a Supplementary Prosecution Complaint against 13 individuals, including alleged mastermind Neeraj Kumar Gupta, related to the Pearlvine International Ponzi scheme. This scam involved proceeds of crime totaling Rs 1,575 crore. The complaint, submitted on January 16, was filed before the Special Court under the Prevention of Money Laundering Act (PMLA), 2002, in Shillong.
Neeraj Kumar Gupta, along with his associated companies and close associates Naveen Kumar Gupta, Umesh Garg, and Nitin Bharti, are among the accused. The ED’s investigation began based on an FIR by the CID, Meghalaya Police, following a complaint from the Reserve Bank of India (RBI), Shillong. Pearlvine International allegedly ran a Ponzi scheme through its website www.pearlvine.com from 2018 to March 2023, collecting a minimum membership fee of Rs 2,250 from investors.
The company conducted numerous seminars nationwide during this period to attract memberships and promote the scheme. At its peak in 2022, Pearlvine International claimed to have around 80 lakh members in India and abroad. The ED’s findings revealed that the total proceeds of crime from the scheme amounted to Rs 1,575 crore, with Rs 395.35 crore directly defrauded from investors.
