Bhubaneswar, Nov 17: The Economic Offences Wing (EOW) has arrested the head of Yes World Crypto Token in connection with a pozi-scheme fraud.
The accused identified as Sandeep Choudhary (40) was arrested by the Bureau of Immigration (BOI) at Jaipur International Airport while he was trying to flee to Dubai. The EOW has also arrested Basant Kumar Pradhan and Manoj Kumar Patnaik who are the up line members of Yes World in Odisha.
The case against the firm was registered on the complaint of one Swagat Kumar Nayak of Puri who had alleged that he was cheated of Rs 85,000 by the ponzi firm.
During the investigation, EOW found that yes World was running a huge ponzi circulation scheme in the name of crypto coin. The company does not have any substantive matching business activity on the ground but depend only on pyramid ponzi scheme by adding more and more numbers of people below them.
“There are more than 8000 members, investors in Odisha alone who have invested money in this scheme. In Odisha, it is mainly spread in Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Keonjhar and Nayagarh. This scheme had around 2.5 lakh members in the country mainly in the states like Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujrat, Bihar and Jharkhand,” said an official. He said that the firm has cheated around Rs 200 crore from investors in the country.