Bhubaneswar: The Economic Offence Wing (EOW), Odisha, has unearthed another huge crypto-ponzi scam and arrested Sandeep Choudhary (40), the head of “Yes World Crypto Token,” from Jaipur in Rajasthan.
Sandeep is a native of Jhunjhunu, Rajasthan, and has been absconding. According to the EOW, there was a possibility of his fleeing from India and, hence a Look Out Circular (LOC) was issued against him by BOI at the request of EOW, Odisha.
The accused was arrested at the Jaipur International on November 15 while he was trying to escape from India to Dubai. He was produced before the local court in Jaipur on November 16. The court granted five days of transit remand and the accused was brought to Odisha. Now, he will be produced before the OPID Court, Cuttack, Odisha.
The EOW also arrested Basant Kumar Pradhan and Manoj Kumar Patnaik, two upline members of Yes World in Odisha, from Bhubaneswar on November 16. They will also be produced before the OPID Court, Cuttack, on Friday.
A case in this connection was registered on the complaint of one Swagat Kumar Nayak of Puri. He had alleged that he had been 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/ MLM/ money circulation scheme in the name of Crypto Coin/ Token. This App/company does not have any substantive/matching business/activity on the ground but depends only on a pyramid ponzi scheme by adding more and more numbers of people below them (known as downline members) by tempting/fooling them with very high returns in a very short time.
There are more than 8,000 members/investors in Odisha alone who have invested money in this scheme. In Odisha, the scam is mainly spread in Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Keonjhar, and Nayagarh. This scheme/scam has around 2.5 lakh members pan India and it was found that YES WORLD through some upline members is very active in some districts of Odisha. The company has been using various propaganda tools to persuade people to join this scheme and earn huge money in a very short time.
In its website and social media accounts it claims to be an “Innovative Climate Tech Company which creates solutions to help business and consumers combat climate change”. However, during the investigation, it was noticed that YES World runs a huge Ponzi (MLM/ Pyramid) scheme in the garb of Crypto Token. Like STA, it also uses socially popular terms like Climate Change, Green Energy, Solar Technology, Save Earth Mission, etc. to mask its Crypto-Ponzi scam.
It was further revealed that Yes World is not authorised by RBI or any other authorities to collect deposits and the company is claiming to be registered in Singapore but its business/activity is targeted/ limited to India.
Yes World is active on various social media platforms but its postings are limited to its mask (Climate Change, Global warming, pictures with celebrities, etc.) but not the Crypto-Ponzi scheme, EOW stated, adding that Yes World is headed by one Sandeep Chaudhary, who has been the director of numerous suspected shell companies. He and some other upline members used to conduct daily Zoom meetings to attract/influence members. Manoj Patnaik and Basant Kumar Pradhan of Odisha conducted many physical meetings in Bhubaneswar and Puri to attract/influence new members/investors.
