The economic offenses wing (EOW) of Odisha Police has arrested the owner of a Ponzi scheme company that functioned in the garb of a digital company on the charge of duping a large number of people from Odisha with promises of huge returns from Brindavan. Prince Kumar, who is a resident of Muzaffarpur in Bihar and the director of Digital Revolution Technologies Limited, has also been accused of giving false assurances to the people that their investments would double within one year although the company has no commensurate or real business activity to pay high returns, the EOW said.
He was produced before the chief judicial magistrate court in Mathura and is being brought here for trial.
A case has been registered against the accused of criminal breach of trust, fraud, and forging, besides provisions of the IT Act, Prize Chits and Money Circulation Scheme (Banning) Act, 1978, and the Odisha Protection of Interests of Depositors (in Financial Establishment) Act, 2011, the agency said. It was registered based on an inquiry report relating to allegations that from March 2020 onwards Kumar and his company duped investors across Odisha with false assurances of high returns under its different schemes involving various digital and online products. The EOW said that the company also issued forged documents and misappropriated about Rs 1.5 crore invested by the gullible people of the state. However, the sum is feared to go far higher as this company had investors from many…
