Bhadrak: The Economic Offences Wing on Tuesday arrested the Director of a private company for cheating the investors of Rs 50 crore.
The accused has been identified as Mohan Kumar Parida of Kandagardi village under Chandabali police station in Bhadrak district.
The arrested accused is going to be produced before the court of PO, Designated Court under OPID Act, Cuttack today.
The case was registered on the written allegation of one Chhita Ranjan Palo of Kalinga Nagar, Bhubaneswar against the Company M/s Way to Add India Pvt. Ltd. and its Managing Director Mohan Kumar Parida and others for inducing him and many other investors to pay high returns that to 26% interest per month for 03 months on the invested amount apart from promising different bonus and commissions under different schemes floated by the company. A special bonus was there for making new members join the scheme.
Being induced, during the year 2023, the informant deposited Rs.44.60 lakhs in total and initially got a return of Rs.12,600. Thereafter, no amount was paid to him by the accd. Director Mohan Kumar Parida who cheated the informant of his invested amount like many others in respect of crores of rupees.
The accused Mohan Kumar Parida is the MD of M/s Way to Add India (P) Ltd. The other Director of the Company is his wife Pushpalata Behura. During the period 2020-23, Mohan Kumar Parida MD of the above company floated different schemes like the Autopool package, boosting package etc. and induced the members of the public to invest with the Company through its two schemes to get hefty returns i.e. 26%
per month consecutively for 03 months on the invested amount. Besides, there was a bonus of 2% for the investors for enrolling new members.
One is required to join the schemes by depositing Rs.2500/- which is non-refundable and after depositing the amount, the investor would be given one login ID under which he can further enrol 03 persons to get more commission/bonus.
Once, an investor joined the scheme initially he was given Ayurvedic products of Rs.500 which was stopped subsequently. As found during the investigation, to win the confidence of the investors, the MD made some
initial return to the investors but after collection of more than Rs.50 Cr. from 2000 investors from Odisha, the MD of the Company abruptly closed the schemes and the Company office and fled away with the collected amount which was misappropriated by him.
The Company M/s Way to Add India (P) Ltd. was registered with ROC, Cuttack during the year 2020, having its registered office at Prachi Vihar, Palasuni, Rasulgarh. The basic objectives of the Company are to deal with online recharge services like mobile, DTH, air tickets, bus tickets etc. and FMCG products.
In a departure from its objectives, during the period from 2020-23, the MD Mohan Parida floated different schemes and went on inducing the members of the public to invest with the company through its schemes to get high returns of 26% per month for 03 consecutive months on the invested amount.
A member is required to deposit a non-refundable amount of Rs.2500 for joining the schemes after which he will be assigned a login ID. By using the login ID, the investor used to invest in the Company by depositing his amount in the company’s accounts maintained with SBI, ICICI and BOI.
Investors were being asked to make more members join the schemes to get a 2% bonus and an alluring commission. Three persons can join the scheme under one login ID. As the number of downline members were increasing, the up-line members were being paid lucrative bonuses/commissions.
The company was actually running a Ponzi scheme in a pyramidic binary structure. The initial returns made by the Company were being made from the investment of the new members. As found the Company through its MD Mohan Kumar Parida has collected public deposits of more than Rs.50 Cr. from around 2000 investors in Odisha.
The Company was not authorized to take any public deposit either by RBI or SEBI. The Company cunningly was not issuing any money receipt but rather asking the investors to deposit the invested amount in the company accounts.
Mohan Kumar Parida was the MD and also the authorized signatory of the Company accounts. He has done his MBA. The collected money was found to have been diverted to many other
accounts.
During the investigation, many incriminating clues have been arrived at and a laptop has been seized containing many incriminating materials like a list of investors, the amount invested, payment sheet etc.
The investigation of the case is on.
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