ED Seizes Land Worth Rs 29.25 Crore in Guwahati in Pearlvine International Fraud Case
The Enforcement Directorate (ED) has attached 14 land properties worth an estimated Rs 29.25 crore in Guwahati. This action is part of an investigation into a fraudulent investment website called Pearlvine International, which operated under the domain www.pearlvine.com.
Background of the Case
The ED’s investigation began following a complaint by the Reserve Bank of India, leading to a First Information Report (FIR) by the Criminal Investigation Department of Meghalaya Police. The website, Pearlvine International, claimed to be a US-based entity offering lucrative investment options. It collected a minimum of Rs 2,250 as membership fees and ran a Ponzi scheme from 2018 to March 2023.
Key Figures Involved
Neeraj Kumar Gupta was identified as the mastermind behind the scam. He purchased the domain www.pearlvine.com in November 2015 and conducted several seminars in India and Thailand to promote the scheme. The website was designed and hosted by Parvesh Saroha.
Investigation Findings
The ED discovered that the proceeds from the scam were mainly invested in landed properties. So far, the ED has attached properties worth Rs 37.07 crore in this case, including Rs 7.82 crore worth of properties previously attached in respect of Saroha.
Doubts Revealed
ED -: ED stands for Enforcement Directorate. It is a government agency in India that investigates financial crimes like money laundering and fraud.
Rs 29.25 Crore -: Rs 29.25 Crore means 292.5 million rupees. A crore is a unit in the Indian numbering system equal to ten million.
Guwahati -: Guwahati is a major city in the northeastern part of India, in the state of Assam.
Pearlvine International -: Pearlvine International was a fraudulent investment website that tricked people into giving money by promising high returns.
Reserve Bank of India -: The Reserve Bank of India (RBI) is the central bank of India. It manages the country’s money and financial system.
Neeraj Kumar Gupta -: Neeraj Kumar Gupta is the person who was found to be behind the Pearlvine International scam.
Ponzi scheme -: A Ponzi scheme is a type of fraud where money from new investors is used to pay returns to earlier investors, making it look like a profitable business.
Parvesh Saroha -: Parvesh Saroha is the person who designed the Pearlvine International website.
80 lakh -: 80 lakh means 8 million. A lakh is a unit in the Indian numbering system equal to one hundred thousand.
