Cryptocurrency Ponzi Scam in Odisha, Head of Crypto Token Arrested

Crypto related fraud cases have increased in the last few months. In a similar case, the Economic Offenses Wing (EOW) of Odisha has exposed the scam done through ‘Yes World Crypto Token’. Under the guise of this crypto token, a scam was being done by running a Ponzi scheme.

In this matter the EOW of Odisha has crypto Token’s head Sandeep Chaudhary has been arrested from Jaipur, Rajasthan. The case was registered on October 16 under various sections of the Indian Penal Code, Prize Chits and Money Circulation Schemes (Banning) Act, Odisha Protection of Interests of Depositors Act and Information Technology Act. Chaudhary, the main accused in this case, is a resident of Jhunjhunu in Rajasthan and he had absconded. There was a possibility of him fleeing the country. The Bureau of Immigration (BOI) had issued a Look Out Circular (LOC) against Choudhary on the request of the EOW of Odisha.

Choudhary was detained by BOI at Jaipur airport on November 15 while trying to flee India to Dubai. This information was given to the EOW of Odisha. After this the EOW team was sent to Jaipur and arrested the accused. EOW had produced Choudhary in a local court in Jaipur on November 16. The court has given transit remand of the accused and he has been brought to Odisha. Chaudhary will be produced in a court in Cuttack in Odisha. In this case, EOW has also arrested Basant Kumar Pradhan and Manoj Kumar Patnaik, who run this token in the state.

This case was registered on the complaint of Swagat Kumar Nayak of Puri in Odisha. He had alleged that Sandeep Kumar Chaudhary, Basant Kumar, Manoj Kumar Patnaik and others associated with this token had defrauded him of about Rs 85,000. In the investigation of this case it was found that this token A Ponzi scheme was being run under the guise of. This app or firm did not have a strong business and was trying to grab more and more members’ money by luring them with higher returns.