EOW Arrests Another Accused in ₹200-Crore Crypto Ponzi Scam; Over 8,000 Odisha Investors Duped

Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested another key accused in connection with an alleged cryptocurrency-based Ponzi scam believed to have defrauded investors of more than ₹200 crore across multiple states.

The accused, identified as Sankar Sarkar, was apprehended in Bhubaneswar during the ongoing investigation into “Yes World,” an online investment platform accused of luring people with promises of exceptionally high returns through cryptocurrency-linked investment plans.

The case was initiated after a resident of Puri lodged a complaint alleging that he was cheated of ₹85,000 by the alleged mastermind, Sandeep Choudhary, along with Basant Kumar, Manoj Kumar Patnaik and several others.

According to investigators, Sarkar played an active role in expanding the fraudulent network by promoting the investment scheme and encouraging people to join through a multi-level referral system. Participants were allegedly promised lucrative profits and rewarded for enrolling new members, creating a pyramid-style operation.

The EOW said the scam has impacted more than 8,000 investors in Odisha, with victims reported from districts including Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Kendujhar and Nayagarh. Across the country, the network is believed to have enrolled nearly 2.5 lakh members from states such as Odisha, Punjab, Rajasthan, West Bengal, Haryana, Gujarat, Bihar and Jharkhand.

Officials alleged that the accused conducted promotional seminars and awareness meetings, both online and offline, to attract investors. The network also relied on websites, mobile applications and WhatsApp groups to display fabricated returns and create the impression of a rapidly growing investment platform.

The investigation further revealed that Sarkar allegedly organised promotional events in Bhubaneswar and Cuttack and collected deposits from investors through bank transfers as well as cash transactions. Investigators have traced ₹5 lakh transferred directly from investors’ accounts to Sarkar’s personal bank account.

The EOW had earlier arrested the alleged kingpin of the racket, Sandeep Choudhary, who has already been produced before the court.

A mobile phone belonging to Sarkar has been seized for forensic examination, and officials said the investigation is continuing to uncover the full extent of the interstate financial fraud and identify other individuals involved.