Bhubaneswar: The Economic Offence Wing (EOW) of Odisha Police has unearthed a crypto-ponzi scam in which around 2.5 lakh people of eight states were defrauded of over ₹ 200 crore, an official said on Friday.

Three persons were arrested in this connection, including one who was captured from Rajasthan capital Jaipur while he was trying to flee to Dubai.

The two other accused were picked up from Bhubaneswar on Thursday, the EOW official said.

The arrested people were associated with a company, 'Yes World Crypto Token', which swindled 2.5 lakh investors from Punjab, Rajasthan, Odisha, West Bengal, Haryana, Gujrat, Bihar and Jharkhand of more than ₹ 200 crore with a promise of exceptionally high returns in a very short time.

The EOW has launched an investigation into the scam on the basis of a complaint lodged by an investor in Puri town, the official said.

To attract people, the company used to conduct publicity programmes at posh hotels in various places.

This is the second crypto-ponzi scam since August unearthed by EOW.

In that scam, over 2 lakh people from across the country were defrauded of ₹ 1,000 crore. Four people allegedly involved in it were arrested.