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.