In country’s first conviction in digital chit fund scam, Director of Digital Revolution Technologies Ltd gets 7 year Rigorous Imprisonment
In country’s first conviction in digital chit fund scam, the OPID Court in Balasore convicted Prince Kumar, the Director of Digital Revolution Technologies Ltd and sentenced him to undergo a seven year Rigorous Imprisonment (RI).
Balasore: In country’s first conviction in digital chit fund scam, the OPID Court in Balasore convicted Prince Kumar, the Director of Digital Revolution Technologies Ltd and sentenced him to undergo a seven year Rigorous Imprisonment (RI).
Apart from the seven year’s Rigorous Imprisonment, the court imposed a fine of Rs 3,33,000. In default of fine accused Prince Kumar will undergo further imprisonment of 1 one year.
The court sentenced Director 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.
The Economic Offences Wing (EOW) had registered case against Prince Kumar and his Company M/s Digital Revolution Technologies Ltd. for duping hundreds of investors of around Rs.1.5 Crore (in Odisha alone) by giving false assurances of high returns under its different schemes involving various digital/online products.
The company also used/issued forged documents to cheat the investors. The invested money is far higher as the Company has investors/ victims spread in many States especially in Maharashtra, Bihar, UP, Delhi, West Bengal, Odisha and Chhattisgarh etc.
Ms Kalinga