India, Jan. 23 -- An alleged online Ponzi scheme operated across India under the name Pearlvine International collected around Rs.1,575 crore from investors, of which up to Rs.395.35 crore was siphoned off, the Enforcement Directorate (ED) has found during its money-laundering probe.

The scheme was allegedly operational between 2018 and March 2023. ED officials said the entities behind it claimed in 2022 that Pearlvine had as many as 80 lakh members in India and abroad. A Ponzi scheme is a form of investment fraud in which returns are paid out using funds brought in from new investors.

According to the ED, the operation was run through a website under the name 'Pearlvine', which collected a minimum membership fee of Rs.2,250 and alleged...