Odisha EOW Nabs 2 in ₹15 Crore Cryptocurrency Fraud

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch has made two arrests in connection with a cryptocurrency fraud amounting to Rs 15 crore.

Identified as Ved Prakash and Sudhir Patel, the accused were arrested from Rajasthan’s Anupgarh and Sundargarh respectively.

As per the EOW, the arrests stem from a complaint filed by Pram Sagar Khamari, who alleged that the duo deceived numerous investors, primarily in western Odisha, through promises of high returns on cryptocurrency investments via agencies like ENG Crypto, Entice Capital, USDT Club, ADS Exchange, and CRIT 11.

The modus operandi involved enticing investors with the prospect of hefty returns, only to provide minimal payouts, such as in Khamari’s case where an investment of Rs 48,02,200 yielded a meagre return of Rs 20,000.

Investigations unveiled that the accused, in collusion with others, conducted extensive promotional activities across Odisha in 2022, organizing meetings and enticing investors with the promise of doubling their investments in a short period. They operated an illegal Ponzi scheme, with returns for up-line members sourced from funds collected from downline investors.

The fraudsters targeted individuals lacking computer literacy, leveraging their ignorance to transfer funds directly into accounts controlled by the perpetrators.

Approximately 500 investors from various districts in Odisha, including Puri, Bhubaneswar, Sambalpur, Jharsuguda, Sundargarh, and Bargarh, were swindled out of more than Rs 15 crore. Maharashtra also reported victims, though the exact amount remains undisclosed.

Ved Prakash, a former Rajasthan Police constable, misrepresented himself as the country head of the crypto investment, while Patel posed as the Odisha head. Both accused evaded authorities post-registration of the case but were subsequently nabbed by the EOW.

Other victims are encouraged to contact EOW Odisha via the toll-free number 18003457103.