Crypto ponzi scam exposed
Bhubaneswar. The Economic Offenses Wing of Odisha Police has made a significant breakthrough in a massive cryptocurrency ponzi scam worth over ₹200 crore. Police have arrested Chittaranjan Mahanty, the mastermind of a fake crypto company named 'Yes World', from Gopalpur in Jagatsinghpur district. This network had duped about 2.5 lakh investors in eight states of the country.
Fraud in the name of climate change
According to investigating officials, the gang used to present itself as an environment-friendly organization on social media with false claims of fighting against 'global warming' and 'climate change'. The accused shared photographs with many famous personalities to enhance their credibility. Apart from this, a fraud of crores of rupees was done by luring investors with quick and high returns by creating a web platform and mobile app in the name Yes World.
The web of fraud and its victims
According to the Economic Offenses Wing, the network of this Ponzi scheme was spread in eight states like Punjab, Rajasthan, West Bengal, Haryana, Gujarat, Bihar and Jharkhand apart from Odisha. The accused trapped people by organizing grand parties and seminars. Nearly 2.5 lakh people have lost their money in this fraud, which includes more than 8,000 investors from Odisha. This company was not allowed to accept any financial deposits from RBI.
Investigation and arrests continue
According to the information, the arrested accused Chittaranjan Mahanty used to organize meetings and connect investors in big cities like Cuttack and Bhubaneswar. Investigation has revealed illegal transactions worth lakhs of rupees in his bank accounts. It is noteworthy that the Economic Offenses Wing has already made several major arrests, in which Yes World's main leader Sandeep Chaudhary was caught while fleeing from Jaipur Airport to Dubai. Other arrests include Shankar Sarkar, Basant Kumar Pradhan and Manoj Kumar Patnaik. The police are now investigating the sources of financial transactions of this scam so that the investors' money can be recovered.