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Cryptocurrency Ponzi Scam Unearthed in Odisha, Head of ‘Yes World Crypto Token’ Arrested

The Economic Offences Wing (EOW) of Odisha has arrested the Country Head of "Yes World Crypto Token," namely Sandeep Choudhary (40) from Jaipur.

Choudhary is a native of Rajasthan's Jhunjhunu. 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 (Banning) Act, section 6 of the Odisha Protection of Interests of Depositors Act and section 65 (C) of the Information Technology Act.

Since he was absconding and there was a possibility of his fleeing from the country, an LOC (Look Out Circular) was issued against him by the Bureau of Immigration (BOI) at the request of EOW, Odisha.

On November 15 while he was trying to escape from India to Dubai, he was intercepted and detained by BOI at Jaipur International Airport under intimation to EOW, Odisha. The EOW team went to Jaipur and arrested the accused.

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

This case was registered on the complaint of one Swagat Kumar Nayak from Puri. He had alleged that he was 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" is running a huge Ponzi or money circulation scheme in the name of Crypto Coin or Token.

This App or company does not have any substantive or matching business or activity on the ground but depends only on the Pyramid Ponzi scheme by adding more and more numbers of people below them (known as downline members) by tempting or fooling them with very high 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, Kendrapada, Jagatsinghpur, Keonjhar and Nayagarh. This scheme or scam has around 2.5 lakh members, mainly in northern India.

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

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.


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