Bhubaneswar, Nov 17: The head of Yes World Crypto Token, Sandeep Choudhary (40), has been apprehended by the Economic Offences Wing (EOW) for his involvement in a fraudulent pozi-scheme. Bureau of Immigration (BOI) officials at Jaipur International Airport arrested Choudhary as he attempted to flee to Dubai. In addition, the EOW has also arrested Basant Kumar Pradhan and Manoj Kumar Patnaik, both upline members of Yes World in Odisha.

The case against the firm was initiated based on a complaint filed by Swagat Kumar Nayak of Puri, who claimed to have been defrauded of Rs 85,000 by the ponzi scheme.

Upon investigation, the EOW discovered that Yes World operated an extensive ponzi circulation scheme under the guise of a cryptocurrency coin. The company lacked any substantial business activity on the ground and relied solely on a pyramid ponzi scheme by recruiting an increasing number of people below them.

The investigation revealed that over 8,000 members and investors in Odisha alone had invested in this scheme, which was prevalent in areas such as Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Keonjhar, and Nayagarh. Nationally, the scheme boasted around 2.5 lakh members, predominantly in states like Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujarat, Bihar, and Jharkhand. An official stated that the firm had defrauded approximately Rs 200 crore from investors across the country.

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