Odisha EOW Arrests Director of Ponzi Firm from UP

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch today arrested the prime accused and director a ponzi firm from Uttar Pradesh.

The accused has been identified as Prince Kumar of Muzaffarpur in Bihar. He is the director of Digital Revolution Technologies Limited.

The EOW nabbed Prince Kumar from Mathura in Uttar Pradesh for allegedly duping investors to the tune of Rs 1.5 crore.

He was produced before the CJM Court in Mathura and is being brought to Odisha.

He was arrested in connection with a case registered on March 14, and booked under Sections 406, 420, 467, 468, 471 and 120-B of the IPC, 66 of the IT Act, Section 4, 5 and 6 of Prize Chits & Money Circulation Scheme (Banning) Act, and Section 6 of Odisha Protection of Interests of Depositors (in Financial Establishment) Act.

The case has been registered on the basis of an enquiry report relating to the allegation that from March 2020 onwards Prince Kumar/ his company duped hundreds of investors across Odisha giving false assurances of high returns under its different schemes involving various digital/online products. They also issued forged documents and misappropriated the invested amount of around Rs 1.5 crore from Odisha investors/victims alone.

Prince Kumar has made false assurances to the investors that investment amount would be doubled within one year. He took the benefit of the pandemic and managed to convince people to invest in the firm. He also used social media efficiently to attract more investors, as per reports.