Cryptocurrency Ponzi scam exposed in Odisha, head of ‘Yes World Crypto Token’ arrested

Economic Offenses Wing (EOW) of Odisha has arrested the Country Head of “Yes World Crypto Token”, Sandeep Chaudhary (40) from Jaipur.

Choudhary is a native of Jhunjhunu, Rajasthan. The case was registered on October 16 under sections 420, 467, 468, 471 and 120-B of the Indian Penal Code and sections 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Ban) Act, Odisha. Protection of Depositors’ Interests Act and Section 65(c) of the Information Technology Act.

Since he was absconding and likely to flee the country, an LOC (Look Out Circular) was issued against him by the Bureau of Immigration (BOI) on the request of EOW, Odisha.

On November 15, when he was trying to flee India to Dubai, he was stopped and detained by BOI at Jaipur International Airport under the information of EOW, Odisha. The EOW team went to Jaipur and arrested the accused.

He was produced in the local court of Jaipur on 16 November. The court gave him transit remand for five days. He was brought to Odisha and will be produced before the Honorable OPID Court, Cuttack, Odisha. The EOW also arrested Basant Kumar Pradhan and Manoj Kumar Patnaik from Bhubaneswar on November 16, who are up-line members of Yes World in Odisha.

This case was registered on the complaint of Swagat Kumar Nayak of Puri. He had alleged that Yes World’s Sandeep Chaudhary, Basant Kumar, Manoj Kumar Patnaik and others had defrauded him of around Rs 85,000.

During investigation, it was revealed that “Yes World” was running a big Ponzi or money circulation scheme in the name of crypto coins or tokens.

This app or company does not have any solid or matching business or activity at the grassroots level but is merely dependent on a pyramid Ponzi scheme to make people below it (known as downline members) very rich. They add more and more numbers by luring or fooling with higher returns. In a very short time.

There are more than 8,000 members or investors in Odisha alone who have invested money in this scheme. In Odisha it is mainly spread in Bhubaneswar, Khordha, Bhadrak, Kendrapara, Jagatsinghpur, Keonjhar and Nayagarh. This scheme or scam has around 2.5 lakh members, mainly in Northern India.

Like any other Ponzi scheme, the members initially get some monetary benefits, which motivates them to add more and more members under them. The total money involved in Yes World is estimated to be more than Rs. 200 crores.

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