The Economic Offences Wing (EOW) of Odisha has arrested the Country Head of “Yes World Crypto Token,” specifically Sandeep Choudhary (40) from Jaipur.
Choudhary is a local of Rajasthan’s Jhunjhunu. The case was registered on October 16 beneath sections 420, 467, 468, 471 and 120-B of the Indian Penal Code and sections 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, part 6 of the Odisha Protection of Interests of Depositors Act and part 65 (C) of the Information Technology Act.
Since he was absconding and there was a risk of his fleeing from the nation, an LOC (Look Out Circular) was issued towards him by the Bureau of Immigration (BOI) on the request of EOW, Odisha.
On November 15 whereas he was attempting to flee from India to Dubai, he was intercepted and detained by BOI at Jaipur International Airport beneath intimation to EOW, Odisha. The EOW workforce went to Jaipur and arrested the accused.
He was produced earlier than the native courtroom in Jaipur on November 16. The courtroom granted him 5 five-day transit remand. He was delivered to Odisha, and he shall be produced earlier than the Hon’ble OPID Court, Cuttack, Odisha. EOW additionally arrested Basant Kumar Pradhan and Manoj Kumar Patnaik from Bhubaneswar on November 16 who’re the up-line members of Yes World in Odisha.
This case was registered on the criticism of 1 Swagat Kumar Nayak from Puri. He had alleged that he was cheated by Sandeep Choudhary, Basant Kumar, Manoj Kumar Patnaik and others of Yes World of round Rs 85,000.
During the investigation, it was discovered that “Yes World” is operating an enormous Ponzi or cash circulation scheme in the identify of Crypto Coin or Token.
This App or firm doesn’t have any substantive or matching enterprise or exercise on the bottom however relies upon solely on the Pyramid Ponzi scheme by including an increasing number of numbers of individuals under them (often called downline members) by tempting or fooling them with very excessive returns in a really brief time.
There are greater than 8,000 members or buyers in Odisha alone who’ve invested cash in this scheme. In Odisha, it’s primarily unfold in Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Keonjhar and Nayagarh. This scheme or rip-off has round 2.5 lakh members, primarily in northern India.
Like another Ponzi scheme, members initially do get some financial advantages, which tempt them so as to add an increasing number of members beneath them. The complete cash concerned in Yes World is estimated to be greater than Rs. 200 crore.
