Odisha EOW Nabs Karnataka Resident in Connection to Online Ponzi App Scam

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police has apprehended Krishnananda N., a resident of Karnataka, in connection with an online Ponzi app scam. The arrest was made following a complaint lodged by Dibyajyoti Kar of Nayapalli, Bhubaneswar. Dibyajyoti fell victim to the GETSO Earning App and reported the fraudulent activity to the EOW.

Dibyajyoti was lured into investing with the company, GETSO, which claimed to be involved in crypto mining. The scam promised investors high daily returns of 6% and easy withdrawal facilities. Acting upon the complaint, the EOW discovered that the GETSO WhatsApp group was shut down, and withdrawal requests were ignored, leaving Dibyajyoti and many other investors across India cheated. In Odisha alone, there are believed to be over a hundred victims.

The ongoing investigation conducted by the EOW has uncovered a scam worth more than Rs. 144 crore. The fraudulent company operated nationwide, using the guise of crypto mining and running Ponzi schemes. Thus far, it has been determined that the arrested suspect, Krishnananda N., was involved in transactions amounting to Rs. 26 crores.

The officials revealed that GETSO deceitfully presented itself as a Washington, USA-based company on its website and app. The mobile app, which has over 10,000 downloads from the Google Play Store, employed various YouTubers like Earning Guru Mj to promote its scheme. Although GETSO claimed to be engaged in crypto mining, it was actually running a Ponzi and multi-level marketing online scam. The company announced its withdrawal from the Indian market on October 25, 2022, citing high taxation on cryptocurrency imposed by the Indian Government.