Odisha

Betting & Ponzi Scam: Odisha EOW Arrests Shell Company Director From Rajasthan

By
OB Bureau

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.

OB Bureau

Recent Posts

Odisha CM Reviews Paddy Procurement Preparations; Mandis To Install CCTVs

Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi on Wednesday held a meeting with district Collectors…

November 13, 2024

Odisha Cabinet Approves GOMATA, Maschyajibi Kalyan & Other Schemes With Rs 3612 Cr Outlay

Bhubaneswar: The Odisha Cabinet on Wednesday approved a new scheme “Goal for Management and Treatment…

November 13, 2024

Couple Murdered Over Land dispute In Odisha Village

Berhampur: A 62-year-old man and his wife were on Wednesday murdered allegedly by the husband’s…

November 13, 2024

Last Supermoon Of 2024 To Appear On This Date

Bhubaneswar: Sky gazers are in for a treat as the last supermoon also known as…

November 13, 2024

Odisha Govt To Form Inter-Ministerial Committee To Resolve Inter-State Disputes

Bhubaneswar: The Odisha government on Wednesday decided to form an inter-ministerial committee to resolve various…

November 13, 2024

Suriya & Bobby Deol Starrer ‘Kanguva’ All Set To Hit Theatres Tomorrow

Chennai: The release of Suriya and Bobby Deol starrer highly -anticipated ‘Kanguva’ had hit uncertainty…

November 13, 2024

‘The Great Indian Kapil Show’ Lands In Legal Trouble; Here’s Why?

Mumbai: Popular comedy talk show ‘The Great Indian Kapil Show’, hosted and produced by Kapil…

November 13, 2024

BJD ‘Infighting’ In Odisha: Woman Councillor Brings Serious Charges Against Party Leader In Balsore

Balasore: Amid reports of infighting and groupism in Biju Janata Dal (BJD) after its debacle…

November 13, 2024