Odisha EOW arrests accused in ₹200 crore crypto-Ponzi scam 'Yes World'
Synopsis
A ₹200 crore crypto-Ponzi operation called 'Yes World' enrolled 2.5 lakh victims across eight Indian states using fabricated returns and WhatsApp groups. Odisha EOW's latest arrest — Chitta Ranjan Mohanty — reveals a syndicate with ₹19.32 lakh traced directly to his accounts, and the dragnet is still widening.
Key Takeaways
Odisha EOW arrested Chitta Ranjan Mohanty from Gopalpur, Jagatsinghpur on 20 August in the 'Yes World' crypto-Ponzi case.
The scam is valued at more than ₹200 crore and enrolled approximately 2.5 lakh members across eight states .
More than 8,000 victims in Odisha alone invested in the fraudulent scheme.
Over ₹19.32 lakh was directly traced to Mohanty's two personal bank accounts .
Two co-accused — Sandeep Choudhury and Shankar Sarkar — were arrested earlier in the same case.
Mohanty is to be produced before the Designated OPID Court, Cuttack .
The Economic Offences Wing (EOW) of Odisha Police on Thursday, 20 August arrested Chitta Ranjan Mohanty, a key accused in a pan-India crypto-Ponzi scam allegedly worth more than ₹200 crore, operated under the platform 'Yes World'. Mohanty was apprehended from Gopalpur in Jagatsinghpur district and is set to be produced before the Designated OPID Court in Cuttack.
How the 'Yes World' Scam Operated
According to the EOW, the accused ran an illegal pyramid-based Ponzi scheme disguised as a cryptocurrency investment platform. The syndicate lured victims with promises of exceptionally high returns in a short period, enrolling them as 'downline members' to expand the network.
'The accused persons were running illegal money circulation schemes in the form of pyramid Ponzi scheme, by adding more and more numbers of people below them by tempting/fooling them with very high returns in a very short time,' the EOW stated in an official press release.
The fraudsters organised physical and virtual seminars and meetings, created websites and mobile applications, and used WhatsApp groups to display fabricated returns and inflated network growth figures.
Scale of the Fraud
Investigators say the scheme enrolled approximately 2.5 lakh members across multiple states, including Odisha, West Bengal, Punjab, Rajasthan, Haryana, Gujarat, Bihar, and Jharkhand. Within Odisha alone, more than 8,000 people across districts such as Bhubaneswar, Khordha, Bhadrak, Kendrapara, Jagatsinghpur, Keonjhar, and Nayagarh are reported to have fallen victim.
The case was originally registered on a complaint filed by Swagat Kumar Nayak of Daitapada Sahi, Puri, who alleged he was defrauded of ₹85,000 by accused individuals including Sandeep Choudhary, Basant Kumar, Manoj Kumar Patnaik, and others associated with 'Yes World'.
Mohanty's Role and Evidence Seized
Investigators identified Mohanty as a core syndicate member who actively conspired with the scheme's leadership to organise promotional meetings in Cuttack and Bhubaneswar. He allegedly collected crores of rupees in cash and bank transfers from victims.
EOW officials found that more than ₹19.32 lakh was directly transferred into Mohanty's two personal bank accounts from investors. At the time of arrest, two mobile handsets were seized from his possession.
Previous Arrests in the Case
Mohanty's arrest follows the earlier detention of two co-accused — Sandeep Choudhury and Shankar Sarkar — by the EOW in connection with the same case. Investigations are ongoing, and further arrests are not ruled out as the probe expands across state lines.
The 'Yes World' case is among a growing number of crypto-linked Ponzi frauds that Indian enforcement agencies have pursued in recent years, reflecting a broader pattern of digital investment scams targeting financially vulnerable populations in Tier-2 and Tier-3 cities.
Point of View
The EOW's pace raises questions about inter-state coordination — the scheme's spread across Odisha, Punjab, Gujarat, and Bihar suggests a national syndicate that local enforcement alone cannot dismantle. India still lacks a dedicated crypto-fraud statute; investigators are working under OPID and IPC provisions not designed for decentralised digital assets. Until a specific legal framework closes that gap, the enforcement response will remain reactive and piecemeal.
NationPress
21 Aug 2026
Frequently Asked Questions
What is the 'Yes World' crypto-Ponzi scam in Odisha?
'Yes World' was an illegal online platform that collected money from investors under the guise of cryptocurrency investments, operating as a pyramid Ponzi scheme. It reportedly enrolled around 2.5 lakh members across eight Indian states and is estimated to have defrauded victims of more than ₹200 crore.
Who is Chitta Ranjan Mohanty and why was he arrested?
Chitta Ranjan Mohanty is described by the EOW as a key syndicate member who organised promotional meetings in Cuttack and Bhubaneswar and collected funds from victims. More than ₹19.32 lakh was directly traced to his two personal bank accounts, and two mobile handsets were seized at the time of his arrest.
How many people were affected by the Yes World scam?
Approximately 2.5 lakh people across states including Odisha, West Bengal, Punjab, Rajasthan, Haryana, Gujarat, Bihar, and Jharkhand were enrolled in the scheme. In Odisha alone, more than 8,000 people across several districts are reported to have lost money.
Who else has been arrested in the Yes World case?
Prior to Mohanty's arrest, the EOW had arrested two co-accused — Sandeep Choudhury and Shankar Sarkar — in connection with the same case. Investigations are ongoing and further arrests have not been ruled out.
What court will handle the Yes World Ponzi case?
The accused are being produced before the Designated OPID (Odisha Protection of Interests of Depositors) Court in Cuttack, which handles cases involving illegal money circulation and deposit-taking schemes in Odisha.
