Bhubaneswar: Economic Offences Wing (EOW), Bhubaneswar on March 10 arrested two Directors of M/s IAAVIC Pvt. Ltd. – which claims to be a stock market advisory company but actually runs Ponzi schemes masking it under share market garb on cyber platform – from Mumbai in connection with a case dated March 4.
The accused identified as Arpan Patel and Adyajyoti Nayak were produced before the Addl. Chief Metropolitan Magistrate, Court No. 9, Bandra, Mumbai on 10.03.2022 and are being brought to Bhubaneswar on the strength of transit remand for their production before the Designated Court under OPID Act, Cuttack.
The above referred case has been registered on the basis of a complaint filed by one Swadhin Kumar Sahoo of Binjharpur, Jajpur on the allegation of cheating to him and many other investors to the tune of crores of rupees by the accused persons under false promise of high returns on their deposits/investment in stock market through their company.
Investigation of the case revealed that M/s IAAVIC Pvt. Ltd. is incorporated on 03.08.2020 with ROC, Mumbai having its two Directors namely, Arpan Patel and Adyajyoti Nayak (the present accused persons).
It has been ascertained that during the year 2020-2021, the above two accused persons launched their website ‘www.iaavic.com’ and made wide propaganda through colorful brochures as well as through attractive videos circulated through You Tube, to attract the gullible depositors to invest in their Company under the false assurance/ promise to return hefty interest on their investment with the company.
In its YouTube video, M/s IAAVIC Pvt. Ltd. represented itself as a Stock Advisory Company and assured the investors to invest their money in Stock Market and generate interest and promised to return 1% of the mutual profit on the invested amount to the investors on daily basis through the bank accounts of the investors.
One can join with initial deposit of Rs. 2,000 to Rs. 1 lakh and there is auto pay-out & withdrawal provision. Further, by promoting / joining a new investor, one can get 15% as direct income and there is unlimited direct joining offer.
The company had also assured the investors to return the principal amount within 15 days of investment, on demand by the investors. The above two accused persons representing for the company had issued login ID and Passwords to the investors as well as provided a Toll free Number 1800-103-0334.
It has also been ascertained during investigation that being lured with the scheme launched by M/s IAAVIC Pvt. Ltd., the complainant had deposited Rs 15 lakhs in the Company’s account in instalments starting from July, 2021.
So far it has come to surface that during the same period the company represented through its accused Directors had collected more than Rs 5 crores from as many as 400 investors of Odisha alone and duped them subsequently by not returning money to them.
It has also been ascertained that the company neither is a Share Broker/Sub-Broker in any Stock Exchange in India nor authorized by Stock Market Regulating Agency like SEBI to carry on any such business.
In the You Tube Videos, documents like PAN Card, ISO Certificate, ROC Registration etc were displayed to gain the trust of the investors and to attract deposits from them, whereas, these documents do not have any relevance with Stock Market or to make such huge profits. These documents also do not permit them to deal in the Stock Market, yet they used those to defraud the investors.
It has also been ascertained during investigation that both the accused Directors have committed similar frauds and duped a large number of investors to the tune of multi-crores in the states of Jharkhand, Madhya Pradesh, Maharastra (Mumbai), Gujarat, Rajasthan, West Bengal and Andhra Pradesh.
The victim investors of other states may contact Investigating Officer of this case on mobile number 9437736412.
Both the accused persons had been staying in a rented house in Khar area of Mumbai and were spending lavishly. During their house search apart from many incriminating documents pertaining to case, a number of costly mobile phones, laptops, Hard Discs and cash of Rs 90,000 have been seized.
