The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested the director of Digital Revolution Technologies Limited from Brindavan in Uttar Pradesh for running chit fund scheme under the guise of digital marketing.
The arrested accused Prince Kumar, a resident of Muzaffarpur in Bihar, has been accused of forging documents and misappropriating Rs 1.5 crore from investors in Odisha. He was produced before the Mathura CJM court and is being brought to Odisha.
The EOW said Kumar and his company duped hundreds of investors across Odisha making false promises of lucrative returns under different schemes involving various digital and online products.
The company collected huge money from investors assuring them very high returns and misleading them that this company is running successful indigenous version of WhatsApp, YouTube, Amazon, email, online, digital gaming, digital payment and Netflix kind of products.
“Prince Kumar gave false assurances to investors that their deposit amount would double within one year. In doing so, he was able to induce the investors to invest in the company although the company has no commensurate real business activity to pay high returns,” the EOW said.
“The deposit collected by the company under the cover of direct digital marketing is nothing but ponzi scheme,” the EOW added.