Odisha: EOW likely to issue summons to actor Govinda in Rs 1000 Crore Crypto Currency Scam
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Odisha police's Economic Offences Wing (EOW) announced on Monday that it had uncovered a pan-India crypto currency-based Ponzi scheme involving more than Rs 1000 crore and had arrested two people.
Gurtej Sigh Sidhu (40), the India head of 'STA Crypto Token,' and its Odisha unit head Nirod Das were detained by the EOW in Sri Ganganagar, Rajasthan. Sidhu is from Punjab, while Nirod is from the Odisha region of Bhadrak.
The Odisha Crime Branch's Economic Offences Wing (EOW) is expected to investigate Bollywood star Govinda in connection with a Rs 1,000 crore pan-India internet Ponzi scheme.
"I have not done advertisements for anyone, nor have I endorsed, favored, or publicized anyone." "The photos that are circulating were taken at a function," Bollywood actor Govinda informed TOI, declining to speak further on the matter.
The seasoned actor, though, is neither a suspect nor an accused. "If we discover that his role was limited to only endorsing the product (STAToken brand) in accordance with their business agreement, we will call him as a witness in our case," Pankaj continued.
Last month, the EOW exposed a pan-India cryptocurrency fraud involving more than Rs 1,000 crore in deposits from over 2 lakh persons across different states, including Odisha. According to reports, the firm received Rs 30 crore from 10,000 individuals in Bhadrak, Keonjhar, Balasore, Mayurbhanj, and Bhubaneswar.
on August 7, the EOW arrested Gurtej Singh Sidhu and Nirod Das, the country and state presidents of STA Token, respectively, in Rajasthan and Bhadrak. Ratnakar Palai (45), a Bhubaneswar-based investment adviser and financial consultant who earned his MTech in Information Technology (IT) from Karnataka University, was apprehended on August 15.
The company is suspected of running a pyramid-structured Ponzi scheme and collecting over Rs 1,000 crore in deposits from 2 lakh people throughout the country without the Reserve Bank of India's permission. The business enticed people to invest in bitcoin using social media by offering an incentive to sign up new investors and establish networks.
The Bureau of Immigration has filed a Look Out Circular (LOC) against David Gez, 32, a Hungarian national who was the CEO of STA (Solar Techno Alliance) Token, which was accused of committing a Rs 1,000 crore pan-India cryptocurrency scam.
The circular was issued at the request of the Bhubaneswar Economic Offences Wing (EOW).
Gez visited India twice on a tourist visa in 2022-23, according to the EOW. During his 25-day trip, he visited Odisha, Goa, Punjab, Jharkhand, and Delhi, among other areas.He had previously traveled to India through the United States, Turkey, and Poland.
Gez visited Bhubaneswar and Bhadrak in Odisha and engaged in business/promotion activities that is prohibited by Ministry of External Affairs (MEA) rules."In addition to the legal action in the current case," the announcement stated, "EOW would report this fact to MEA for necessary action."
After the EOW filed a lawsuit, he terminated his Instagram and Facebook accounts.However, his Indian pals are still posting YouTube videos with his AI-generated image and voice, according to the report.
The participation of a second foreigner, a Dutch person, in this scam is also being investigated.
Gurtej Sigh Sidhu (40), the India head of 'STA Crypto Token,' and its Odisha unit head Nirod Das were detained by the EOW in Sri Ganganagar, Rajasthan. Sidhu is from Punjab, while Nirod is from the Odisha region of Bhadrak.
An EOW announcement stated that Sidhu was regularly changing his location in areas like as Goa, Lonavala, Mumbai, Delhi, Faridkot, Bhatinda, Hanumangadh, and Sri Ganganagar, and that a squad lead by DSP Sasmita Sahoo was tracing his movement and eventually apprehended him.
The Odisha Crime Branch's Economic Offences Wing (EOW) is expected to investigate Bollywood star Govinda in connection with a Rs 1,000 crore pan-India internet Ponzi scheme.
In a few promotional films, the actor allegedly backed Solar Techno Alliance (STA-Token), which was found guilty of illegally conducting a pyramid-structured online Ponzi scam disguised as crypto investment."We will send a team to Mumbai shortly to question filmstar Govinda, who attended STA's grand function in Goa in July and promoted the company in some videos," EOW inspector general J N Pankaj told TOI.
"I have not done advertisements for anyone, nor have I endorsed, favored, or publicized anyone." "The photos that are circulating were taken at a function," Bollywood actor Govinda informed TOI, declining to speak further on the matter.
The seasoned actor, though, is neither a suspect nor an accused. "If we discover that his role was limited to only endorsing the product (STAToken brand) in accordance with their business agreement, we will call him as a witness in our case," Pankaj continued.
Last month, the EOW exposed a pan-India cryptocurrency fraud involving more than Rs 1,000 crore in deposits from over 2 lakh persons across different states, including Odisha. According to reports, the firm received Rs 30 crore from 10,000 individuals in Bhadrak, Keonjhar, Balasore, Mayurbhanj, and Bhubaneswar.
on August 7, the EOW arrested Gurtej Singh Sidhu and Nirod Das, the country and state presidents of STA Token, respectively, in Rajasthan and Bhadrak. Ratnakar Palai (45), a Bhubaneswar-based investment adviser and financial consultant who earned his MTech in Information Technology (IT) from Karnataka University, was apprehended on August 15.
The company is suspected of running a pyramid-structured Ponzi scheme and collecting over Rs 1,000 crore in deposits from 2 lakh people throughout the country without the Reserve Bank of India's permission. The business enticed people to invest in bitcoin using social media by offering an incentive to sign up new investors and establish networks.
Lookout Circular Against Hungarian National After 3 Arrests By Odisha EOW In 1K-Cr Crypto Scam
The circular was issued at the request of the Bhubaneswar Economic Offences Wing (EOW).
Gez visited India twice on a tourist visa in 2022-23, according to the EOW. During his 25-day trip, he visited Odisha, Goa, Punjab, Jharkhand, and Delhi, among other areas.He had previously traveled to India through the United States, Turkey, and Poland.
Gez visited Bhubaneswar and Bhadrak in Odisha and engaged in business/promotion activities that is prohibited by Ministry of External Affairs (MEA) rules."In addition to the legal action in the current case," the announcement stated, "EOW would report this fact to MEA for necessary action."
After the EOW filed a lawsuit, he terminated his Instagram and Facebook accounts.However, his Indian pals are still posting YouTube videos with his AI-generated image and voice, according to the report.
According to sources, STA Token was attempting to rebuild the firm with a new identity in order to attract investors, even as EOW began the legal procedure to issue a watch circular against Gez.
