Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Police arrested Chitta Ranjan Mohanty on Thursday from Gopalpur in Jagatsinghpur in connection with a multi-state cryptocurrency Ponzi scheme operating under the name “Yes World.”
Mohanty, identified as a prime promoter of the scheme, was apprehended under multiple sections of the Indian Penal Code, the Odisha Protection of Interests of Depositors (OPID) Act, the Prize Chits and Money Circulation Schemes (Banning) Act, and the Information Technology Act. He is scheduled to be produced before the Designated OPID Court in Kataka, an EOW release said.
The investigation followed a complaint filed by Swagat Kumar Nayak of Puri, who reported losing ₹85,000 to the platform.
According to the EOW, the operators of “Yes World”, including Mohanty and previously arrested co-accused Sandeep Choudhary and Shankar Sarkar, ran an illegal multi-level marketing pyramid scheme disguised as a lucrative crypto investment opportunity. Investors were lured with promises of unusually high returns within short timeframes for building a “downline” network of new members. The group also shared fabricated return rates and network growth Tthrough dedicated websites, mobile apps, and WhatsApp groups. “The arrested accused Chittaranjan is one of the prime members of ‘Yes World’, in conspiracy with head of ‘Yes World’ and others induced investors and promoted the scheme by organising meetings in various locations including Bhubaneswar and Cuttack. He collected public deposits to the tune of crores from gullible investors through bank accounts and case,” the release said.
Financial tracking revealed that ₹19.32 lakh was transferred directly from investors into two of Mohanty’s personal bank accounts. Two mobile handsets were seized from Mohanty upon his arrest.
The scheme defrauded over 2.5 lakh investors across India- Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujrat,
Bihar, Jharkha – accumulating an estimated total of more than ₹200 crore. In Odisha alone, over 8,000 investors across districts including Bhubaneswar, Khordha, Bhadrak, Kendrapada, Jagatsinghpur, Keonjhar, and Nayagarh were affected.
EOW officials added that further investigation into the broader network and remaining associates is currently underway.