The Directorate of Enforcement (ED), Shillong Sub-Zonal Office, has filed a Supplementary Prosecution Complaint (SPC) before the Special Court (PMLA), Shillong, against 13 accused persons in connection with the Pearlvine International Ponzi scheme.
The complaint, filed on January 16, 2026, names Neeraj Kumar Gupta, his associated companies, and several associates, including Naveen Kumar Gupta, Umesh Garg, and Nitin Bharti, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Probe Triggered by RBI Complaint and CID FIR
The ED initiated its investigation based on an FIR registered by the CID, Meghalaya Police, following a complaint by the Reserve Bank of India (RBI), Shillong. The CID had also filed a chargesheet under various provisions of the Indian Penal Code, 1860, against those involved in the alleged scam.
According to investigators, the fraud was carried out through the website www.pearlvine.com, which operated as a Ponzi scheme in India between 2018 and March 2023.
How the Pearlvine Scheme Operated
The investigation revealed that Pearlvine International collected a minimum membership fee of ₹2,250 from participants and promoted itself through large-scale seminars across the country. These events were used to solicit new members and project high returns.
At its peak in 2022, the platform claimed to have nearly 80 lakh members in India and abroad. The ED stated that the total proceeds of crime generated amounted to approximately ₹1,575 crore, of which at least ₹395.35 crore was allegedly siphoned off through fraudulent means.
Allegations Against the Mastermind
As per the Supplementary Prosecution Complaint, Neeraj Kumar Gupta purchased the Pearlvine website domain on November 28, 2015, through accused Parvesh Saroha, and operated it until its closure in 2023.
The ED alleged that Gupta was the mastermind of the Ponzi scheme, exercising exclusive control over the website’s backend, user credentials, digital point allocations, and the network of members across India. He also allegedly conducted multiple promotional seminars in India and Thailand to expand the scheme.
Laundering of Proceeds and Asset Acquisition
During the period of the offence, the ED stated that Gupta generated proceeds of crime and used layered transactions through companies under his control—Speedwell IT Solutions Pvt. Ltd., Shreehans Arts and Creations Pvt. Ltd., and Shreehans Developments and Constructions Pvt. Ltd., to acquire assets worth approximately ₹60.88 crore.
Previous Chargesheet and Asset Attachments
The ED had earlier filed its main prosecution complaint on October 23, 2024, against Parvesh Saroha, Sony Chyrmang, and Khroborme Chyrmang, who were allegedly involved in promoting the scheme in Meghalaya. The court has taken cognisance of the case, which is currently under trial.
To date, the ED has attached assets worth ₹54.98 crore in the Pearlvine case. These include movable and immovable properties belonging to Neeraj Kumar Gupta, his associated companies, and other individuals, including Naveen Kumar Gupta, Umesh Garg, Bhavesh Garg, Nitin Bharti, and Lokesh Sharma.
The Enforcement Directorate stated that further investigation is underway to trace additional proceeds of crime and identify other beneficiaries linked to the Pearlvine scam.
Source: ED Press Release dated 21/01/2026