Bhubaneswar: Chit fund fraud held in Vrindavan for Rs 1.5 crore scam

BHUBANESWAR: The economic offences wing of the state crime branch on Friday arrested the director of a chit fund firm from Vrindavan in Uttar Pradesh for allegedly cheating over 100 investors of Rs 1.5 crore in Odisha during the Covid pandemic in 2020.
The accused was identified as Prince Kumar, director of Digital Revolution Technologies Limited. Kumar, who belonged to Muzaffarpur in Bihar, induced gullible depositors in rural areas of Balasore and Bhadrak districts to invest in his company during the Covid pandemic in 2020. He started a pyramid structure investment where a new entrant will deposit a certain amount in the account of an up-line member which will pass through different levels to the company’s account. He assured people that deposits would double in a year, a senior EOW officer said.
Kumar misled people by claiming that his company launched Indian versions of WhatsApp, YouTube, online gaming, digital payment and Netflix among others. He asked the investors to download his apps and win prizes. But none of them won any reward.
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