The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested Prince Kumar, director of Digital Revolution Technologies Ltd from Brindavan for running ponzi scheme under guise of digital marketing.
Prince Kumar, a resident of Muzaffarpur in Bihar, has been accused of forging documents and misappropriating Rs 1.5 crore from investors in Odisha. He was produced before the court of CJM, Mathura and is being brought to Odisha.
The EOW said Prince Kumar and his company duped hundreds of investors across Odisha giving false assurances of high returns under different schemes involving various digital/online products.
The company collected huge money from investors assuring them very high returns and misleading them that this company is running successful Desi/ Indian version of Whatsapp, YouTube, Amazon, email, online/digital gaming, digital payment, Netflix etc. kind of products.
“Prince Kumar gave false assurances to investors that their deposit amount would double within one year. In doing so, he was able to induce the investors to invest in the company although the company has no commensurate/real business activity to pay high returns,” the EOW said in a press release.
“The deposit collected by the company under the cover of Direct Digital Marketing is nothing but Ponzi Scheme,” the EOW said adding the investigation of the case is on.