Did the ED File a Supplementary Charge Sheet in the Rs 1,575 Crore Pearlvine Ponzi Scam?
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Synopsis
The ED has filed a Supplementary Prosecution Complaint against 13 individuals, including Neeraj Kumar Gupta, related to the Pearlvine International Ponzi scam worth Rs 1,575 crore. Discover the unfolding details of this massive financial scandal and the ongoing investigations.
Key Takeaways
- The ED has filed a Supplementary Prosecution Complaint against 13 individuals in the Pearlvine Ponzi scam.
- The scam involved fraudulent proceeds of Rs 1,575 crore.
- Neeraj Kumar Gupta is identified as the mastermind behind the scheme.
- Investors were promised high returns and were charged a membership fee.
- Ongoing investigations are uncovering the extent of the fraud.
Shillong, Jan 21 (NationPress) The Directorate of Enforcement (ED), Shillong Sub-Zonal Office, has lodged a Supplementary Prosecution Complaint (SPC) against 13 individuals, including the alleged mastermind Neeraj Kumar Gupta, connected to the Pearlvine International Ponzi scam, which involves illicit proceeds totaling Rs 1,575 crore, according to officials on Wednesday.
The SPC was submitted on January 16 to the Special Court under the Prevention of Money Laundering Act (PMLA), 2002, in Shillong, as stated in an official announcement.
In addition to Neeraj Kumar Gupta, the accused list includes his affiliated companies and close associates Naveen Kumar Gupta, Umesh Garg, and Nitin Bharti.
The ED initiated its investigation based on an FIR filed by the CID, Meghalaya Police, following a complaint from the Reserve Bank of India (RBI), Shillong.
A charge sheet was previously filed under multiple sections of the Indian Penal Code, 1860, against those implicated in the scam. Pearlvine International reportedly ran a Ponzi scheme via its website www.pearlvine.com from 2018 until March 2023, demanding a minimum membership fee of Rs 2,250 from investors.
Throughout this timeframe, the company hosted numerous seminars nationwide to attract memberships and promote the scheme. At its zenith in 2022, Pearlvine International claimed to have nearly 80 lakh members both in India and internationally.
ED's investigations disclosed that while the total illicit proceeds from the scheme reached Rs 1,575 crore, at least Rs 395.35 crore was directly swindled from investors. The supplementary complaint alleges that Neeraj Kumar Gupta acquired the Pearlvine domain on November 28, 2015, through co-accused Parvesh Saroha, managing it until its closure in 2023.
The ED asserted that Gupta maintained exclusive control over the website's backend, user credentials, digital point allocations, and overall operations, with members across India acting under his directives. He also held promotional seminars in India and Thailand.
Furthermore, the ED alleged that Gupta laundered the illicit proceeds through his controlled firms - Speedwell IT Solutions Pvt Ltd, Shreehans Arts and Creations Pvt Ltd, and Shreehans Developments and Constructions Pvt Ltd - to acquire assets valued at approximately Rs 60.88 crore.
Previously, the ED had submitted the primary prosecution complaint on October 23, 2024, against Parvesh Saroha, Sony Chyrmang, and Khroborme Chyrmang for their roles in promoting the scheme in Meghalaya. The case is currently under trial, with assets worth Rs 54.98 crore already attached.
The ED confirmed that further investigations are ongoing.
Point of View
Our commitment is to deliver unbiased and factual reporting. The ED's actions in the Pearlvine Ponzi scam highlight the need for stringent measures against financial fraud. We continue to monitor the developments closely, ensuring our readers remain informed and aware of their financial rights.
NationPress
23/01/2026
Frequently Asked Questions
What is the Pearlvine Ponzi scam?
The Pearlvine Ponzi scam is a fraudulent investment scheme that collected funds from investors under the guise of high returns, ultimately defrauding them of Rs 1,575 crore.
Who is Neeraj Kumar Gupta?
Neeraj Kumar Gupta is alleged to be the mastermind behind the Pearlvine Ponzi scam and is one of the 13 individuals charged by the ED.
What has the ED done regarding this case?
The ED has filed a Supplementary Prosecution Complaint against 13 accused individuals and has attached assets worth Rs 54.98 crore linked to the scam.
What are the implications of this scam for investors?
Investors who participated in the Pearlvine scheme face significant financial losses, and the case highlights the risks associated with Ponzi schemes.
How can investors protect themselves from similar scams?
Investors should conduct thorough research, avoid schemes promising unrealistic returns, and consult financial advisors before investing.
