EOW Nabs Three Senior Partners of Ponzi Firm For Duping Investors
Bhubaneswar: The Economic Offences Wing (EOW) of State Crime Branch has arrested three senior partners of a ponzi firm- Vihaan Direct Selling (India) Pvt. Ltd, for duping gullible investors of crores of rupees.
The arrested persons have been identified as Sarat Kumar Parida of Brahmeswarpatna, Debabrata Harichandan of Chandrasekharpur and Chandan Kumar Mahalik of Jagannath Vihar, Bhubaneswar. The accused trio are senior partners of Q Net Ltd and Vihaan Direct Selling (India) Pvt. Ltd.
EOW PS has registered a case No.17 dt.18.09.2019 under Sections 406/420/467/468/471/120-B IPC r/w 4, 5 & 6 of Prize Chits and Money Circulation Schemes (Banning) Act,1978/ Sec. 6 of the OPID Act,2011. The accused persons are being forwarded to the Court of Presiding Officer, Designated Court (Under OPID Act, 2011), Cuttack as per law.
Following allegations that the Directors, Partners, and officials of Q Net Ltd. through its India franchise Vihaan Direct Selling (India) Pvt. Ltd are engaged in illegal Money Circulation Schemes in the guise of Direct Selling/Multi Level Marketing, the EOW took up an investigation and booked the trio.
During the investigation, it was learned that the three accused persons along with others entered into a criminal conspiracy with Directors of Q Net Ltd. through its Indian Franchise M/s Vihaan Direct Selling (India) Pvt. Ltd, and induced the gullible investors to invest in the company with the promise of handsome returns.
While inducing investors, they used to give a rosy picture of the schemes floated by the company like performing returns of Rs.50 crores with a little investment of Rs.5 Lakhs, within span of only five years, the EOW said.
The EOW also added that they were functioning in a pyramid structure where is new entrant will deposit the amount in the account of upline members which will pass through different levels to the company’s account. In this modus operandi, the accused persons had collected huge money for the company and received in return their commission, on the deposits made by the investors in a very camouflaged manner.
During searches at their houses, many incriminating documents/ articles such as brochures, receipts of the company, I.Card, money receipts, i-phone, laptops, list of investors etc were seized, the EOW further said.