By Biswanath Dash
BHUBANESWAR: EOW Case No.05 dtd.14.03.2022 U/s 406/ 420/467/468/471/120-BIPC, Sec.66 of IT Act, Sec. 4/5/6 of Prize Chits & Money Circulation Scheme(Banning) Act & Sec.6 of Odisha Protection of Interests of Depositors Act was registered against Prince Kumar and his Company M/s Digital Revolution Technologies Ltd. for duping hundreds of investors of around Rs.1.5 Crore (in Odisha alone) by giving false assurances of high returns under its different schemes involving various digital/online products. The Company also used/issued forged documents to cheat the investors.
The invested money is far higher as the Company has investors/ victims spread in many States especially in Maharashtra,Bihar, UP, Delhi, West Bengal, Odisha, Chhattisgarh etc.Hon’ble OPID Court, Balasore, delivered the judgment today i.e. on23.12.2023 in the above case holding the accused Director Prince Kumar guiltyU/s 406/ 420/467/468/471/120-B IPC, Sec. 66 of IT Act, Sec. 4/5/6 of Prize Chits& Money Circulation Scheme (Banning) Act & Sec 6 of Odisha Protection of Interests of Depositors Act and sentenced him to undergo Rigorous Imprisonment(RI) for 7 (Seven) years and fine of Rs 3,33,000/-. In default of fine accused Prince Kumar will undergo further imprisonment of 1 (one) year.
Economic Offences Wing arrested the main accused Prince Kumar S/o Shiv Narayan Singh (resident of Muzaffarpur, Bihar, Director of M/s Digital Revolution Technologies Limited) on 18.05.2022 from Brindaban, Mathura, UttarPradesh.The case was registered on the basis of an enquiry report relating tothe allegation that from March 2020 onwards Prince Kumar/ his company duped hundreds of investors across Odisha giving false assurances of high returns underits different schemes involving various digital/online products. They also issued forged documents and misappropriated the invested amount of around Rs 1.5Crore from Odisha investors/victims alone.
However the duped money is far higher as this company has investors / victims spread in many states especially inMaharashtra, Bihar, UP, Delhi, west Bengal, Odisha, Chhattisgarh etc.The company collected huge money from investors assuring them very high returns and misleading them that this company is running successful Desi/ Indian version of Whatsapp, YouTube, Amazon, email, online/digital gaming, digital payment, Netflix etc. kind of products. The company named/styled them as following:1. Shopsubkuch- Ecommerce Website.2. MYPay- mobile payment platform.3. MyTube world- App for watching movies etc.4. Vidscop- video sharing App.5. Chitthi- sharing messages/ chat. Voice call/ video call etc.6. GoGame11- Online gaming
During the month of March, 2020, Prince Kumar, Director of Digital Revolution Technologies Limited, conducted meetings at Balasore and Bhadrak, distributed brochures and made wide propaganda to convince the gullibleinvestors that his company wish to strengthen India through digital platforms and information Technologies (IT), and goal of the company is not only business but itis “Your Own Digital Revolution Marketing” (YODRM), which is committed for digitalization of World. One can earn huge income in a very short period fromhome by using the mobile applications of this company (GHAR BETHE HI DESH KADIGITAL USE KARKE SHANDAR INCOME LE SEKTE HO), which is solely made inIndia.Prince Kumar gave false assurances to the investors that investment amount would be double within one year and could able to induce the investors to invest in the company although the company has no commensurate/ real business activity to pay high returns. However people were more vulnerable during COVID time as many of them had income related issues. Beside this PrinceKumar also used glamorous propaganda using website, YouTube, Facebook etc.
During investigation, it was found that the deposits collected by the company under the cover of Direct Digital Marketing are nothing but Ponzi scheme. The business model of M/s Digital Revolution Technologies Limited is asimple pyramid structure in which the early entrants earn money and as the number of investors/depositors increases, finding more investors (New Comers)to join becomes difficult or impossible and the scheme collapses at a point of time. Investors, those who joined late do not earn enough to cover their firstoutlay.Shri Pranab Kumar Panda, Special PP, OPID Court, Balasore was conducting the prosecution.DSP Sri Manoj Samant was the Investigating Officer of the case.
This is 1st conviction in Online/ digital Ponzi cases in Odisha and one ofthe firsts in India. This is our 2nd fastest conviction.➢ Conviction time –➢ 1 year 9 months (from the date of registration of case)➢ 1 year 3 months (from the date of submission of Charge sheet)
