ED Cracks Down on Rs 17.91 Crore in Ponzi Scam

The Enforcement Directorate has attached Rs 17.91 crore in assets tied to a nationwide Ponzi scam run by Pearlvine International. The scheme falsely posed as a US company, luring investors with promise of lofty returns. Key suspect Neeraj Kumar Gupta led the operations, amassing 1,575 crore but leaving a major portion unrepaid.

The Enforcement Directorate has executed a provisional attachment of assets valued at Rs 17.91 crore in connection to a wide-ranging Ponzi scam operated through Pearlvine International, authorities revealed on Friday.

This action was performed by the ED's Shillong Sub-Zonal Office under the authority of the Prevention of Money Laundering Act (PMLA), 2002. Seized assets comprise 13 immovable properties and seven movable properties, including several luxury vehicles said to be bought with fraudulent funds.

The investigation originated from an FIR by the CID, Meghalaya Police, based on RBI's complaint, leading to charges under various IPC sections. It identified Neeraj Kumar Gupta as the principal orchestrator, having established Pearlvine.com and conducting promotional activities in India and Thailand. Total attachments in the case have now reached Rs 54.98 crore, with ongoing investigations.

(With inputs from agencies.)