On Friday, the law enforcement bureau announced it had confiscated assets valued at over Rs 29 crore under anti-money laundering laws after an investigation against a company. A Ponzi scheme was conducted by the fraud invest website throughout the country. For which action was taken against the portal mentioned as www.pearlvine.com.
The case of money laundering stems from an FIR filed by Meghalaya Police CID pursuant to a complaint from Reserve Bank of India (RBI).
Pearlvine International is an “unaccredited” entity that claims to be based in America and provides numerous lucrative services, invest options. As per the Enforcement Directorate (ED), this firm charged not less than Rs 2,250 for membership fee and operated Ponzi scheme in India between 2018 and March, 2023.
Throughout that period, the central agency stated, road shows were held across the country to recruit members and sell its products.
Pearlvine International had claimed it had reached around 8 million member mark across India and abroad during some time in 2022 according to ED.
Neeraj Kumar Gupta bought product field www.pearlvine.com, November 2015 for which he is believed to be “the mastermind behind the whole scam”.
Gupta arranged many seminars for Pearlvine International in India and Thailand as stated by the central agency.
Parvesh Saroha designed and hosted pearlvine.com while according to agency these are mostly proceeds of crime invested in landed properties.
Recently ED seized assets valued at Rs.29.25 crores; in addition, Saroha’s properties worth Rs.782 crores had been frozen before now.
