CRIME BRANCH EOW WING ARRESTS DIRECTORS OF “STOCK MARKET ADVISORY COMPANY IN THE MATTER OF CHEATING MORE THAN 10 CRORES
Bureau,Odishabarta
Bhubaneswar: Economic Offences Wing, Bhubaneswar has arrested accused, Arpan Patel and Adyajyoti Nayak, both Directors of M/s IAAVIC Pvt. Ltd. – (which claims to be a stock market advisory company but actually runs Ponzi schemes masking it under share market garb on cyber platform) on 10.03.2022 from Mumbai in EOW PS Case No. 04 dated 04.03.2022 u/s 420/ 467/468/471/120 B IPC r.w. Sec. 6 of OPID Act, 2011. On being arrested, they were produced before the Addl. Chief Metropolitan Magistrate, Court No. 9, Bandra, Mumbai on 10.03.2022 and are being brought to Bhubaneswar on the strength of transit remand for their production before the Designated Court under OPID Act, Cuttack.
The above referred case has been registered on the basis of a complaint filed by one Swadhin Kumar Sahoo of Binjharpur, Jajpur on the allegation of cheating to him and many other investors to the tune of crores of rupees by the accused persons namely, Arpan Patel and Adyajyoti Nayak, both Directors of M/s IAAVIC Pvt. Ltd. under false promise of high returns on their deposits/ investment in stock market through their company.
Investigation of the case revealed that M/s IAAVIC Pvt. Ltd. is incorporated on 03.08.2020 with ROC, Mumbai having its two Directors namely, Arpan Patel and Adyajyoti Nayak (the present accused persons). It has been ascertained that during the year 2020-2021, the above two accused persons launched their website ‘www.iaavic.com’ and made wide propaganda through colorful brochures as well as through attractive videos circulated through You Tube, to attract the gullible depositors to invest in their Company under the false assurance/ promise to return hefty interest on their investment with the company.
In its You Tube video, M/s IAAVIC Pvt. Ltd. represented itself as a Stock Advisory Company and assured the investors to invest their money in Stock Market and generate interest and promised to return 1% of the mutual profit on the invested amount to the investors on daily basis through the bank accounts of the investors. One can join with initial deposit of Rs. 2,000 to Rs. 1 lakh and there is
auto pay-out & withdrawal provision. Further, by promoting / joining a new investor, one can get 15% as direct income and there is unlimited direct joining offer. The company had also assured the investors to return the principal amount within 15 days of investment, on demand by the investors. The above two accused persons representing for the company had issued login ID and Passwords to the investors as well as provided a Toll free Number 1800-103-0334.
