Online ponzi scam: EOW nabs accused from Pune for duping investors

The Economic Offences Wing (EOW), Bhubaneswar arrested a person from Pune on the charges of running an online ponzi scam and duping investors. The accused has been identified as Vishal Sakharam Utkar, a resident of Latur, Maharashtra.

Vishal has been booked under Indian Penal Code sections 420, 467, 468, 471 and120-B and Sections 4, 5, 6 of PCMCS Act, 1978, Section 6 of OPID Act, 2011 and Section66 (C)/66 (D) of IT Act. 

The accused was arrested based on the complaint filed by one Dibyajyoti Kar of Nayapalli area in Bhubaneswar. The complainant had alleged that he came across a WhatsApp group after watching some promotional videos of 'GETSO Earning App.'

A person, identifying as the Manager of GETSO and helping others to do the business of crypto mining, induced the complainant to invest with the company. The person had promised high returns like 6% daily on the invested amount apart from the daily withdrawal facility.

"During the period from October 2022 to December 2022, the complainant deposited an amount of Rs.1.27 lakh with the company. Subsequently, the GETSO WhatsApp group was closed and withdrawal requests were ignored by GETSO. The company cheated him like thousands of other investors/ victims across India. There would be more than a hundred investors from Odisha alone," EOW said in a release.

It is alleged that some YouTubers were also promoting the schemes. Later, GETSO announced that it is withdrawing from the Indian market claiming high taxation from Indian Government on cryptocurrency. 

"During the investigation, so far, Rs.144 Crores involved in this scam have been traced. The company was running online money circulation by running Ponzi schemes in the name of crypto mining and operated across India. Out of the invested amount, Rs.9 Crore has been found to have been transferred to the account of the arrested accused Vishal Sakharam Utkar," EOW added.