Bhubaneswar, Mar 12 : Two Directors of M/s IAAVIC Pvt. Ltd from Mumbai were arrested on March 10 last on charge of cheating depositors to the tune of Rs 10 crore. Economic Offences Wing (EOW), Bhubaneswar, sources here on Saturday said both the accused —Arpan Patel and Adyajyoti Nayak were produced before the Additional Chief Metropolitan Magistrate, Court No. 9, Bandra, Mumbai soon after their arrest u/s 420/ 467/468/471/120 B IPC r.w. Sec. 6 of OPID Act, 2011. They are being brought to Bhubaneswar on transit remand for their production before the designated court under OPID Act, Cuttack. Though both the Directors claim M/s IAAVIC Pvt. Ltd. to be a stock market advisory company but actually they run Ponzi schemes under share market garb on cyber platform,the EOW sources said. A case has been registered on the basis of a complaint filed by one Swadhin Kumar Sahoo of Binjharpur, Jajpur, on the allegation of cheating him and many other investors to the tune of crores of rupees by the accused under false promise of high returns on their investment in stock market through their company. Investigation of the case revealed that M/s IAAVIC Pvt. Ltd. was incorporated on August 3, 2020 with ROC, Mumbai having its two Directors namely, Arpan Patel and Aditya Jyoti Nayak . It has been ascertained that during 2020-2021, the 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 to return hefty interest . In its You Tube video, the company 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 per cent of the mutual profit on the invested amount to the investors on daily basis. 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 a new investor, one can get 15 per cent 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. It has also been ascertained during investigation that being lured with the scheme launched by M/s IAAVIC Pvt. Ltd., the complainant had deposited Rs.15 lakhs in the Company’s account in installments starting from July, 2021. So far it has come to surface that during the same period the company had collected more than Rs. 5 crores from as many as 400 investors of Odisha alone and duped them subsequently by not returning the money. The company is neither a Share Broker / Sub-Broker in any Stock Exchange in India nor authorized by Stock Market Regulating Agency like SEBI to carry on any such business. In the YouTube Videos, documents like PAN Card, ISO Certificate, ROC Registration were displayed to gain the trust of the investors and to attract deposits from them, whereas, these documents do not have any relevance with Stock Market or to make such huge profits. These documents also do not permit them to deal in the Stock Market, yet they used those to defraud the investors. It has also been ascertained during investigation that both the accused have committed similar frauds and duped a large number of investors to the tune of multi-crores in the states of Jharkhand, Madhya Pradesh, Maharastra (Mumbai), Gujurat, Rajasthan, West Bengal and Andhra Pradesh. Both the accused had been staying in a rented house in Khar area of Mumbai and were living lavish lives . During their house search apart from many incriminating documents pertaining to the case, a number of costly mobile phones, laptops, Hard Discs and Rs. 90,000 in cash have been seized. Investigation of the case is continuing. BD DP KK
