Balasore: OPID Court, Balasore Saturday held M/s Digital Revolution Technologies Limited Director Prince Kumar guilty of duping hundreds of investors by giving false assurances of high returns under different schemes involving various digital products.
The court while holding Prince Kumar guilty U/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, sentenced him to undergo Rigorous Imprisonment (RI) for seven years and imposed fine of Rs3,33,000.
The court further ruled that in default of fine, the accused Prince Kumar will undergo further imprisonment of one year.
The Economic Offences Wing (EOW) of Bhubaneswar arrested Prince Kumar, a resident of Muzaffarpur, Bihar, on May 18 ,2022, and a prime accused in the case from Brindaban, Mathura in Uttar Pradesh.
The Company used forged documents to cheat the investors. The invested money is far higher as the company has victims spread in many states especially in Maharashtra, Bihar, UP, Delhi, West Bengal, Odisha and Chhattisgarh.
Prince Kumar, EOW sources said, had given false assurances to the investors that the 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.
He also used glamorous propaganda using website, YouTube, Facebook and conducted meetings at Balasore and Bhadrak to convince the gullible investors.
During the investigation, it was found that the deposits collected by the company under the cover of Direct Digital Marketing are nothing but Ponzi schemes.
UNI