IAAVIC Pvt. Ltd directors arrested in fraud case over Rs 10 crore

Bhubaneshwar: Bhubaneswar Economic Crimes Wing arrested two directors of M/s IAAVIC Pvt. Ltd of Mumbai in cheating to the tune of more than 10 crores. The two accused directors have been identified as Arpan Patel and Adyajyoti Nayak.

The company pretended to be a stock market advisory firm but in reality it is running Ponzi schemes by masking it as a stock market appearance on the cyber platform.

Apparently, a certain Swadhin Kumar Sahoo from Binjharpur, Jajpur filed a complaint and alleged that he deceived him and many other investors out of millions of rupees by the two directors, Arpan and Adyajyoti, under the false promise of high returns on their deposits/investments. on the stock market through their company.

During the investigation it was revealed that M/s IAAVIC Pvt. ltd. is incorporated on 03.08.2020 with ROC, Mumbai having Arpan Patel and Adyajyoti Nayak as directors. It was found that during the year 2020-2021, the two aforementioned defendants launched their website “www.iaavic.com” and made wide propaganda through colorful brochures as well as attractive videos broadcast on YouTube, to lure gullible depositors into investing in their business under the false assurance/promise of returning large interest on their investment in the business.

In his YouTube video, M/s IAAVIC Pvt. ltd. presented itself as a stock advisory company and assured investors to invest their money in the stock market and earn interest and promised to return 1% of mutual profit on the amount invested to investors daily through the bank accounts of the investors.

One can join with an initial deposit of Rs. 2,000 to Rs. 1 lakh and there is an automatic payment and withdrawal provision. Additionally, by promoting/joining a new investor, one can get 15% direct revenue and there is an unlimited direct membership offer. The company had also assured investors to return the principal amount within 15 days of investment, upon investors’ request.

The two accused persons representing the company had issued a login ID and passwords to investors as well as a toll-free number 1800-103-0334.

It was also established during the investigation that being attracted to the program started by M/s IAAVIC Pvt. Ltd., the plaintiff had deposited Rs.15 lakhs into the company’s account in installments from July 2021.

So far, it has emerged that over the same period, the company represented by its accused directors has collected more rupees. 5 crores from no less than 400 Odisha investors alone and subsequently tricked them into not returning any money to them.

The company is neither stockbroker/sub-broker in any stock exchange in India nor licensed by stock market regulatory agency like SEBI to engage in such activity.

In YouTube videos, documents such as PAN card, ISO certificate, ROC registration, etc. were posted to gain the confidence of investors and attract deposits from them, while these materials have no relevance with the stock market or to make such huge profits. These documents also do not allow them to trade on the stock market, but they used them to defraud investors.

The two accused directors committed similar frauds and deceived a large number of investors to the tune of millions of dollars in the states of Jharkhand, Madhya Pradesh, Maharastra (Mumbai), Gujarat, Rajasthan, West Bengal and of Andhra Pradesh. Victim investors from other states can contact the investigator in charge of this case on mobile no.9437736412.

The two defendants resided in a rented house in the Khar district of Mumbai and spent lavishly.

During their house search, apart from numerous incriminating documents relating to the case, a number of expensive mobile phones, laptops, hard drives and cash of Rs. 90,000/- were seized . They were arrested under Articles 420/ 467/468/471/120 B IPC rw Sec. 6 of the OPID law, 2011.

After being arrested, they were brought before the Metropolitan Additional Chief Magistrate in Bandra, Mumbai. They are brought to Bhubaneswar on the basis of referral in transit for their production before the designated court under the OPID Act, Cuttack.

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