Bhubaneswar: EOW Odisha unearthed another huge crypto-ponzi scam with the arrest of ‘Yes World’ head namely Sandeep Choudhary from Rajasthan.
The 40-year-old Sandeep Choudhary, a native of Jhunjhunu, Rajasthan, was absconding in a case registered on October 16, 2023, under sections 420/467/468/471/120-B IPC, 4/5/6 of PCMCs (Banning) Act, Sec.6 of OPID Act and Sec.65 (C) of IT Act.
As there was a possibility of his fleeing from India, a LOC (Look Out Circular) was issued against him by the Bureau of Immigration (BOI) at the request of EOW Odisha. He was detained by the BOI at Jaipur International Airport on November 15 while he was trying to escape from India to Dubai. After BOI intimated the EOW, a team went to Jaipur and arrested the accused. He was produced before a local court in Jaipur on November 16. The court granted 5 days transit remand to EOW for bringing him to Odisha for interrogation in connection with the Rs.200 crore crypto-ponzi scam.
The accused will be produced before the OPID Court in Cuttack today along with two members of ‘Yes World’ — Basant Kumar Pradhan and Manoj Kumar Patnaik — who had been arrested by EOW Odisha from Bhubaneswar on November 16.
The EOW investigated the matter on the complaint by one Swagat Kumar Nayak of Daitapanda Sahi in Puri. He alleged that he has been cheated by Sandeep Choudhary, Basant Kumar, Manoj Kumar Patnaik and others of ‘Yes World’ of around Rs.85,000/-.
During the investigation, it was found that ‘Yes World was running a huge ponzi/MLM/money circulation scheme in the name of Crypto Coin/Token. The company does not have any business unit, but depends on Pyramid Ponzi scheme by adding more and more numbers of people as down line members alluring them with very high returns in a short time.
The probe revealed that more than 8000 members in Bhubaneswar, Khordha, Bhadrak. Kendrapara, Jagatsinghpur, Keonjhar and Nayagarh have invested their money in the scheme in Odisha. The scheme has around 2.5 lakh Pan India members mainly in the states like Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujarat, Bihar and Jharkhand.
During the probe, the EOW found that YES World runs a huge Ponzi (MLM/ Pyramid) scheme in the garb of Crypto Token. Like STA it also uses the socially popular terms like Climate Change, Green Energy, Solar Technology, Save Earth Mission etc. to mask its Crypto-Ponzi scam.
Odisha EOW unearths country’s biggest crypto-ponzi scam; STA’s India head among 2 arrested