Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested the director of a shell company from Rajasthan for allegedly duping the investors of the state.
Naveen Poriwar, director of shell company Edudaddy Institute of Advance Studies Private Limited, was arrested from Udaipur in Rajasthan.
According to EOW, the company was used to channelise the money from the online ponzi-cum-betting racket run under ‘18Football.Com’. During its investigation, the EOW has found that the ill-gotten money amounting to around Rs 11.74 crore was routed through the company.
The betting racket was run from China and Dubai. But Poriwar’s companies are registered in Kerala. Around 800 investors from Ganjam in Odisha and several lakhs from other parts of the country have been duped of large amount of money in the racket.
Poriwar was produced by EOW before local court in Udaipur and being brought to Odisha, a press release stated.
18football.com is a hybrid model of fraud where ponzi scheme (multi-level marketing) is run online giving a name of football betting/gaming APP. It is a huge international scam running online from a website which has been registered in Hongkong and also operated from Dubai.
Investors were promised of lucrative benefits like 3% daily compound return on investment, recharge bonus, referral bonus, extra bonus on the earning of the downline members, salary bonus, daily withdrawal option etc.
The fraud by 18football.com amounted to more than Rs 1000 crore, out of which EOW has been able to trace transactions of Rs 300 crore till now.
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