Bhubaneswar: A special court in Balasore sentenced a digital ponzi firm owner to seven years of rigorous imprisonment for duping hundreds of people by giving false assurances of high returns under its different schemes in Odisha.
The Special OPID court also imposed fine of Rs 3.33 lakh on the convict, Prince Kumar, director of M/s Digital Revolution Technologies Ltd. He would undergo further one year imprisonment in default of payment of fine.
The court delivered the judgment holding the accused Director Prince Kumar guilty U/s 406/ 420/467/468/471/120-B IPC, Sec. 66 of IT Act, Sec. 4/5/6 of Prize Chits & Money Circulation Scheme (Banning) Act & Sec 6 of Odisha Protection of Interests of Depositors Act.
Prince Kumar duped hundreds of investors of around Rs.1.5 Crore alone in Odisha.
The Economic Offences Wing of Odisha Crime Branch had arrested Prince Kumar, resident of Muzaffarpur of Bihar from Brindaban, Mathura of Uttar Pradesh in May 2022.
The Company also used forged documents to cheat the investors. The company has investors/ victims spread in many States especially in Maharashtra, Bihar, UP, Delhi, West Bengal, Odisha, Chhattisgarh.
