Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police on Saturday arrested another accused in connection with an alleged cryptocurrency-based Ponzi scheme that investigators estimate involved more than ₹200 crore across several states.
The latest arrest was made in Bhubaneswar after an investigation into the operations of “Yes World,” an online investment platform accused of collecting public deposits by promising unusually high returns through purported cryptocurrency investments.
The case was registered following a complaint filed by a resident of Puri, who alleged that he was cheated of ₹85,000 by Sandeep Choudhary, Basant Kumar, Manoj Kumar Patnaik and others.
According to the EOW, the investigation revealed that the arrested accused, identified as Sankar Sarkar, allegedly worked with other members of the network to promote and operate the scheme. Investigators said the accused attracted investors by assuring quick and lucrative returns and expanded the network through a pyramid-style structure, encouraging members to recruit more participants in exchange for financial incentives.
The agency said the fraud has affected more than 8,000 investors in Odisha, with the scheme spreading across districts including Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Kendujhar and Nayagada. Nationwide, the network is estimated to have around 2.5 lakh members across states such as Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujarat, Bihar and Jharkhand.
Officials alleged that the accused conducted promotional meetings and seminars, both online and offline, to lure new investors. They also used dedicated websites, mobile applications and WhatsApp groups to display fabricated investment returns and project rapid network growth.
The EOW said Sankar Sarkar allegedly organised promotional meetings at several locations, including Bhubaneswar and Cuttack, and collected substantial deposits from investors through bank transfers as well as cash transactions. During the investigation, officials found that ₹5 lakh had been transferred directly from investors’ accounts to Sarkar’s personal bank account.
The agency had earlier arrested the alleged mastermind of the scam, Sandeep Choudhary, who has since been forwarded to court.
A mobile phone belonging to Sarkar has been seized as part of the investigation. The EOW said further investigation into the multi-state investment fraud is underway.
