The Economic Offence Wing (EOW) of Odisha Police arrested Jitendra Mallick (27) of Kabisuryanagar, Ganjam district, on June 4 from Bengaluru for his role in a large Ponzi scheme linked to the online betting app 18football.com.
The EOW revealed that Mallick allegedly duped over 800 investors in Ganjam district and thousands more across India by promising high returns such as 3% daily compound interest, recharge bonuses, referral bonuses, and daily withdrawal options.
Initially, investors were paid the promised returns, which encouraged more investments. However, as the number of investors grew, the app was abruptly shut down, leaving many defrauded.
Mallick was reportedly responsible for promoting the app across Odisha, organizing investor meetings in Berhampur and Bhubaneswar, and enrolling several investors. Evidence including photos and videos of these promotional activities was found on his seized mobile phone and laptop.
Investigations linked Mallick to a foreign national, George Enzo, who managed the 18football.com group on WhatsApp and Telegram. The EOW found Rs21,05,836 credited to Mallick’s bank account; other accounts under his control are being scrutinized.
The scammers used shell companies and mule accounts to route funds through multiple layers, complicating the investigation.
