Odisha EOW arrests accused in multi-crore crypto-ponzi scam

Bhubaneswar, Aug 20 (IANS) The Economic Offences Wing (EOW) of Odisha Police on Thursday arrested one more fraudster in connection with a huge pan-India crypto-Ponzi scam worth more than Rs 200 crore.

The accused identified as Chitta Ranjan Mohanty, was arrested by the sleuths from Gopalpur in Jagatsinghpur.

The EOW officials told that the accused will be produced before the Designated OPID Court in Kataka later in the day.

The case was registered based on the complaint lodged by one Swagat Kumar Nayak of Daitapada Sahi in Puri.

Nayak had alleged that he was duped of Rs 85,000 by accused persons — Sandeep Choudhary, Basant Kumar, Manoj Kumar Patnaik and others of ‘Yes World’.

According to the EOW, the accused persons operated an online platform named “Yes World” and collected huge amount from gullible people under the guise of cryptocurrency investments.

“The accused persons were running illegal money circulation schemes in the form of pyramid Ponzi scheme, by adding more and more numbers of people below them (Known as down line members) by tempting/fooling them with very high returns in a very short time,” the EOW said in a press statement.

The police also added that the fraudulent network had enrolled around 2.5 lakh members across India, spanning states such as Odisha, West Bengal, Punjab, Rajasthan, Haryana, Gujarat, Bihar, and Jharkhand.

In Odisha alone, more than 8,000 people especially across Bhubaneswar, Khordha, Bhadrak, Kendrapara, Jagatsinghpur, Keonjhar, and Nayagarh fell prey to the scam and invested the ponzi schemes.

“They used to arrange meetings and seminars both in physical or virtual mode for promotional activities and to add new members. The accused persons have created websites and mobile applications, and used WhatsApp groups to display fabricated returns and network growth,” the EOW added.

Investigators revealed that accused Mohanty was a key member of the syndicate who actively conspired with the scheme’s leadership to organise promotional meetings at various locations, including in Cuttack and Bhubaneswar.

The accused collected crores of rupees in cash and bank transfers from unsuspecting victims.

Officials found that more than Rs 19.32 lakh was directly transferred into Mohanty’s two personal bank accounts from investors.

The cops during the arrest of Mohanty also seized two mobile handsets from his possession.

Earlier, the EOW had also arrested two more co-accused Sandeep Choudhury and Shankar Sarkar in connection with the case.

–IANS

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