Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Police Thursday arrested Chittaranjan Mohanty, a key accused in an alleged cryptocurrency-based Ponzi scheme that investigators estimate defrauded investors of more than Rs 200 crore across India. EOW sources said Mohanty was arrested from Gopalpur in Jagatsinghpur district and produced before the Designated Court, Cuttack, under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act.
The case was registered following a complaint by Swagat Kumar Nayak of Puri, who alleged he was cheated of about Rs 85,000 by Sandeep Choudhury, Basant Kumar, Manoj Kumar Patnaik and others associated with ‘Yes World’.
According to the EOW, the accused operated a web platform called ‘Yes World’ and collected deposits by promising investors high returns through cryptocurrency investments. Investigators allege the group ran a pyramid-style Ponzi scheme by recruiting new members as ‘downline’ investors and promising exceptionally high returns within a short period. More than 8,000 investors in Odisha are believed to have put money into the scheme, which had a significant presence in several districts, including Bhubaneswar, Khordha, Bhadrak, Kendrapada and Jagatsinghpur.
The EOW estimates the scheme had about 2.5 lakh members across India and involved more than Rs 200 crore. The accused allegedly promoted the scheme through physical and virtual meetings, websites, mobile applications and WhatsApp groups, where they displayed fabricated returns and exaggerated network growth, the EOW said. Mohanty was allegedly a prime member of ‘Yes World’ and worked with its head and other associates to induce investors to join the scheme.
Investigators said he organised promotional meetings in Bhubaneswar, Kataka and other locations and collected deposits amounting to crores of rupees through bank accounts and cash. The EOW said Rs 19.32 lakh was directly transferred by investors to two personal bank accounts of Mohanty. He has been booked under various sections of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banning) Act, the OPID Act and the Information Technology Act. Two mobile phones belonging to him were also seized.
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