1 week ago
Odisha EOW Arrests Accused in Multi-Crore Crypto Ponzi Scam
Police in Odisha arrested Chitta Ranjan Mohanty over an alleged cryptocurrency investment scam.
The scheme was connected to an online platform called Yes World.
Investigators say people were promised very large returns quickly.
They allege the organizers recruited new members in a pyramid-like structure.
About 2.5 lakh people across India were reportedly enrolled.
More than 8,000 people in Odisha allegedly invested in the scheme.
Police say over Rs 19.32 lakh went directly into Mohanty’s two bank accounts.
He will appear before a special court, while two other people have already been arrested.
Odisha’s Economic Offences Wing arrested Chitta Ranjan Mohanty in an alleged pan-India crypto-Ponzi scam worth more than Rs 200 crore.
Investigators allege the Yes World platform collected money through pyramid-style cryptocurrency investment schemes promising unusually high returns.
The network reportedly enrolled about 2.5 lakh members across India, including more than 8,000 victims in Odisha.
Officials allege Mohanty helped organize promotional meetings and received more than Rs 19.32 lakh in investor transfers.
The EOW previously arrested co-accused Sandeep Choudhury and Shankar Sarkar; Mohanty is to be produced before a designated OPID court.
- Who
- The Odisha Economic Offences Wing arrested Chitta Ranjan Mohanty; the case also involves Sandeep Choudhary, Shankar Sarkar and other Yes World operators.
- What
- Mohanty was arrested in an alleged pan-India cryptocurrency Ponzi scheme worth more than Rs 200 crore.
- Where
- Mohanty was arrested in Gopalpur, Jagatsinghpur, Odisha, and is to be produced before a designated OPID court in Cuttack.
- When
- The arrest was reported on Thursday; the article does not provide a calendar date.
- Why
- Investigators allege that he helped operate and promote an illegal money-circulation scheme that collected funds from investors.
Key facts
- Alleged scam value
- More than Rs 200 crore
- Platform involved
- Yes World
- Reported national membership
- Around 2.5 lakh people
- Reported Odisha victims
- More than 8,000 people
- Complaint-based loss
- The complainant alleged losing Rs 85,000
- Transfers to Mohanty
- More than Rs 19.32 lakh was transferred into his two personal bank accounts
- Seized items
- Two mobile handsets
Quotes
Economic Offences Wing officer
Officer from Odisha Police EOW
“"The accused persons were running illegal money circulation schemes in the form of pyramid Ponzi scheme, by adding more and more numbers of people below them (Known as down line members) by tempting/fooling them with very high returns in a very short time"”
thehansindia.com
Sources
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