Odisha EOW arrests accused in Ponzi app scam
The Economic Offences Wing (EOW) of Odisha police has arrested a man from Karnataka for allegedly cheating people through an online ponzi app.
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Bhubaneswar: The Economic Offences Wing (EOW) of Odisha police has arrested a man from Karnataka for allegedly cheating people through an online ponzi app.
The accused, identified as Krishnananda N, was nabbed from his native place in Karnataka. He has cheated people through GETSO Earning App.
The EOW was able to crack down the mobile App after a man namely Dibyajyoti Kar of Nayapalli in Bhubaneswar lodged a complaint against the App.
Dibyajyoti joined a WhatsApp group through a person identifying as manager of a company GETSO doing the business of crypto mining. He was induced to invest with the company for getting high returns like 6 per cent daily on the invested amount apart from daily withdrawal facility.
The complaint then created an account on the GETSO company's website using an upline referral link and deposited Rs.1.27 lakh between October and December 2022.
The GETSO WhatsApp group was then closed, and withdrawal requests were ignored. Dibyajyoti and thousands of other investors in India were duped by the company. According to sources, there will be more than a hundred investors from Odisha alone.
The EOW has so far traced a scam involving more than Rs.144 crore during its investigation. The fraudulent company was running ponzi schemes in the name of crypto mining and was operating throughout India.
The amount of money invested and the number of investors will increase as the investigation progresses. They claimed that Rs.26 crores of the invested funds were transferred through the account of the arrested accused Krishnananda N.
According to the officials, GETSO falsely claimed to be a company based in Washington, USA on its website/App. The mobile app has over 10,000 downloads in the Google Play Store. Earning Guru Mj and other YouTubers were used to promote the scheme.
It claimed to be mining cryptocurrency but was actually running a ponzi/multi-level marketing online scam. On October 25, 2022, the company announced its withdrawal from the Indian market, citing high cryptocurrency taxation imposed by the Indian government.
