Cassian Baliarsingh

The Economic Offence Wing (EOW) of the Odisha Crime Branch unearthed another crypto-ponzi scam and arrested the head of ‘Yes World Crypto Token’ from Jaipur in Rajasthan while he was trying to escape from India to Dubai.

The accused has been identified as Sandeep Choudhary, 40, a native of Jhunjhunu, Rajasthan.

 As he was absconding, there was a possibility of him fleeing from India. Hence, a LOC (Look Out Circular) against him was issued by the Bureau of Immigration (BOI) at the request of EOW.  Subsequently, he was detained by BOI at Jaipur International Airport while he was trying to fly to Dubai.

A team of EOW officials later went to Jaipur and produced before a local court in Jaipur. He has been brought to Odisha on a five-day transit remand and will be produced before the OPID Court, Cuttack.

EOW has also arrested two other persons identified as Basant Kumar Pradhan and Manoj Kumar Patnaik from Bhubaneswar, who are the upline members of Yes World in Odisha. They will also be produced in the OPID Court, Cuttack.

According to sources, a case was registered against the three on the complaint of Swagat Kumar Nayak of Market Chhak, Daitapada Sahi, Puri. He had alleged that he was cheated of Rs 85,000 by Yes World.

During the investigation, it was found that ‘Yes World’ was running a huge ponzi scam. The company used Pyramid ponzi scheme by adding more and more numbers of people below them (known as downline members) by tempting depositors with very high returns in a very short time.

There are more than 8000 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.

The scam has around 2.5 lakh members (pan India) mainly in states like Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujarat, Bihar, and Jharkhand. The scam company usually used various propaganda tools to persuade people to join in this scheme and earned huge money in a very short time.

  • Reported by: