Enforcement Directorate Seizes Assets Worth Over Rs 29 Crore in Ponzi Scheme Probe

Assets totaling more than Rs 29 crore have been seized by the Enforcement Directorate as part of a probe into an alleged Ponzi scheme run by Pearlvine International. The scheme, which operated under the guise of a US-based entity, amassed significant membership through nationwide seminars and fraudulent investment incentives.

The Enforcement Directorate has attached assets exceeding Rs 29 crore in connection with its investigation into a fraudulent investment site operating as a Ponzi scheme across India.

The action targets Pearlvine International, alleged to have misled investors by touting lucrative investment options while collecting membership fees of Rs 2,250.

The case originated from a CID Meghalaya Police FIR, following a complaint by the RBI, partially driven by testimonials from individuals defrauded in multiple seminars organized nationwide.

(With inputs from agencies.)