Bhubaneswar: OPID Court, Balasore Saturday held Prince Kumar, the director of Digital Revolution Technologies Limited, 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 used forged documents to cheat the investors 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 7 years and imposed fine of Rs 3,33,000.
The court further ruled that in default of fine, the accused Prince Kumar would undergo further imprisonment of one year. The Economic Offences Wing (EOW) of Bhubaneswar arrested Prince Kumar, a resident of Muzaffarpur, Bihar, 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 websites, YouTube, and 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 were nothing but Ponzi schemes.