Digital Ponzi Firm Owner Receives Seven-Year Sentence for Defrauding Hundreds in Odisha
Bhubaneswar: A special court in Balasore has handed down a seven-year rigorous imprisonment sentence to Prince Kumar, the owner of a digital ponzi firm, for orchestrating a large-scale fraud that targeted hundreds of people in Odisha. The court also imposed a fine of Rs 3.33 lakh on Kumar, director of M/s Digital Revolution Technologies Ltd., and in default of payment, an additional one-year imprisonment.
The verdict was delivered by the Special OPID court, which found Prince Kumar guilty under various sections of the Indian Penal Code (IPC), the Information Technology Act, the Prize Chits & Money Circulation Scheme (Banning) Act, and the Odisha Protection of Interests of Depositors Act. The charges include offenses related to criminal breach of trust, cheating, forgery, and violations of financial regulations.
Prince Kumar, who hails from Muzaffarpur in Bihar, duped hundreds of investors in Odisha alone, amassing around Rs. 1.5 Crore through false assurances of high returns under different schemes. The Economic Offences Wing of the Odisha Crime Branch arrested Kumar in May 2022 from Brindaban, Mathura, Uttar Pradesh.
The investigation revealed that Digital Revolution Technologies Ltd. employed forged documents as part of its fraudulent activities, contributing to the extensive financial losses incurred by investors. The reach of the company’s fraudulent schemes extended beyond Odisha, with victims located in multiple states, including Maharashtra, Bihar, Uttar Pradesh, Delhi, West Bengal, and Chhattisgarh.
