Bhubaneswar: The Odisha Crime Branch’s Economic Offence Wing (EOW) has unearthed a massive crypto-ponzi scam, leading to the arrest of Sandeep Choudhary, the head of ‘Yes World Crypto Token’ in Jaipur, Rajasthan. Choudhary, a 40-year-old native of Jhunjhunu, was apprehended at Jaipur International Airport while attempting to escape to Dubai.
Issuance of a Look Out Circular (LOC) by the Bureau of Immigration (BOI) prevented his escape, with EOW officials later presenting him before a local court in Jaipur. Choudhary has been brought to Odisha on a five-day transit remand and will face charges in the OPID Court, Cuttack.
Additionally, EOW arrested Basant Kumar Pradhan and Manoj Kumar Patnaik in Bhubaneswar, identified as upline members of Yes World in Odisha. They too will appear in the OPID Court, Cuttack.
The case stems from a complaint by Swagat Kumar Nayak, alleging a Rs 85,000 fraud by Yes World. Investigation revealed the company operated a substantial ponzi scheme, enticing investors with promises of high returns through a Pyramid ponzi structure. Over 8000 investors in Odisha and 2.5 lakh nationwide fell victim to the scam, concentrated in states like Punjab, Rajasthan, West Bengal, Haryana, Gujarat, Bihar, and Jharkhand. The company utilized various propaganda tools to rapidly accumulate significant funds.