EOW exposes pan India Ponzi scam
Bhubaneswar: Economic Offenses Wing (EOW), Odisha has busted another big crypto-Ponzi scam and arrested “Yes World Crypto Token” head Sandeep Chaudhary (40) from Jaipur, Rajasthan.
Sandeep is a native of Jhunjhunu, Rajasthan and has absconded. According to the EOW, he was likely to flee India and hence a Look Out Circular (LOC) was issued against him by the BOI on the request of the EOW, Odisha.
The accused was arrested from Jaipur International on November 15 when he was trying to flee India to Dubai. He was produced in the local court of Jaipur on 16 November. The court granted five-day transit remand and the accused was brought to Odisha. Now, he will be produced before the OPID Court, Cuttack, Odisha.
The EOW also arrested two upline members of Yes World in Odisha, Basant Kumar Pradhan and Manoj Kumar Patnaik, from Bhubaneswar on November 16. He will also be produced in the OPID court of Cuttack on Friday.
A case was registered in this regard on the complaint of Swagat Kumar Nayak of Puri. He had alleged that Sandeep Chaudhary, Basant Kumar, Manoj Kumar Patnaik and others of Yes World had defrauded him of around Rs 85,000.
During investigation it was revealed that “Yes World” was running a big Ponzi/MLM/Money Circulation Scheme in the name of crypto coins/tokens. This app/company does not have any solid/similar business/activity at ground level but is only dependent on pyramid ponzi scheme by adding more and more number of people under it(known as downline members) Lures/fools 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, this scam is mainly spread in Bhubaneswar, Khordha, Bhadrak, Kendrapara, Jagatsinghpur, Keonjhar and Nayagarh. This scheme/scam has around 2.5 lakh members all over India and it was found that Yes World is very active in some districts of Odisha through some upline members. The company is using various promotional tools to motivate people to join the scheme and earn huge money in a very short period of time.
On its website and social media accounts it claims to be an “innovative climate tech company that creates solutions to help businesses and consumers tackle climate change”. However, during investigation it was observed that YES World runs a huge Ponzi (MLM/Pyramid) scheme in the guise of crypto tokens. Like STA, it also uses socially popular terms like climate change, green energy, solar technology, Save Earth Mission, etc. to hide its crypto-Ponzi scam.
It was further revealed that Yes World is not authorized by RBI or any other authority 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 facade (climate change, global warming, photos with celebrities, etc.) but not to the crypto-Ponzi scheme, said EOW, the leadership of Yes World. One is with Sandeep Chaudhary, who has been a director of several dubious 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 held several physical meetings in Bhubaneswar and Puri to attract/influence new members/investors
