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Thursday, May 23, 2024

EOW unearths crypto ponzi scam


 Economic Offence Wing (EOW) has arrested Sandeep Choudhury, Head of “YES WORLD Crypto Token”, from Jaipur, Rajasthan.

EOW sources on Friday here said Choudhury, a native of Jhunjhunu, Rajsthan, was arrested U/s 420/467/468/471/120-B IPC, 4/5/6 of PCMCs (Banning) Act, Sec.6 of OPID Act and Sec.65 (C) of IT Act on November 15 and produced before the local court in Jaipur the next day.

The court granted five days transit remand. He was brought to Odisha and will be produced before the OPID Court, Cuttack, Odisha.

EOW also arrested Basant Kumar Pradhan and Manoj Kumar Patnaik from Bhubaneswar on Thursday who are the up line members of Yes World in Odisha. They will also be produced before the OPID Court, Cuttack on Friday.

Choudhury was absconding and a look out circular was issued against him by BOI on the request of EOW. On November 15 while he was trying to escape from India to Dubai, he was intercepted and detained by BOI at Jaipur International airport under intimation to EOW, Odisha. EOW team went to Jaipur and arrested the accused.

A case was registered on the complaint of one Swagat Kumar Nayak of Market Chhak, Daitapada Sahi, Puri. He had alleged that he has been cheated by Sandeep Choudhary, Basant Kumar, Manoj Kumar Patnaik and others of Yes World of around Rs.85,000/-.

During investigation it was found that “Yes World” is running a huge Ponzi/ MLM/ money Circulation scheme in the name of Crypto Coin/ Token.

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 scam has around 2.5 lakh members (Pan India) mainly in states like Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujrat, Bihar, Jharkhand.

In its website and social media accounts it claims to be an “Innovative Climate Tech Company which creates solutions to help business and consumers combat climate change”.

But during investigation it was noticed that Yes world runs a huge ponzi scam in the garb of crypto token.

It is not authorised by RBI or any other authority to collet deposit.

EOW advised people to not invest their hard earned money in such MLM/Ponzi scheme which shows the dream of becoming millionaire in unrealistically short time.

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