Odisha exposes Cryptocurrency Ponzi Scam

By: Jagriti Dudeja

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Updated on: 20-Nov-2023

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The Economic Offenses Wing (EOW) of Odisha has detained Sandeep Choudhary, the Country Head of "Yes World Crypto Token." Choudhary, a resident of Jhunjhunu, Rajasthan, was detained in Jaipur on October 16 on allegations made against him. In addition to 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, the charges also include sections 420, 467, 468, 471, and 120-B of the Indian Penal Code.

Choudhary was on the run and there were worries that he might flee the nation when he was apprehended. At the request of EOW, Odisha, the Bureau of Immigration (BOI) issued a Look Out Circular (LOC) against him. He was being held by BOI after being stopped at Jaipur International Airport on November 15, when he was trying to escape to Dubai. After arriving in Jaipur, the EOW team arrested Choudhary.On November 16, he appeared before a Jaipur local court, which issued a five-day transit remand. After that, Choudhary was transported to Odisha, where he will now appear before the Hon'ble OPID Court in Cuttack.

Furthermore, on November 16, EOW detained two Bhubaneswar residents who were identified as up-line members of Yes World in Odisha: Basant Kumar Pradhan and Manoj Kumar Patnaik. The complaint in this case was filed by Swagat Kumar Nayak of Puri, who claimed that he lost about Rs 85,000 as a result of being conned by Sandeep Choudhary, Basant Kumar, Manoj Kumar Patnaik, and other individuals from Yes World.

Yes World's fraudulent activities revolve around a questionable business model that is predicated on a pyramid scheme. The operation doesn't have any real business or activity on the ground, but it makes a lot of money by luring people in as downline members with the promise of extraordinarily high returns in a short amount of time. Approximately eight thousand members or investors have been duped by this scheme in Odisha alone; these victims are primarily found in Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Keonjhar, and Nayagarh. Approximately 2.5 lakh members are affected by this scam overall, most of whom are in northern India.