Odisha EOW Unearths India’s Biggest Crypto-Ponzi Scam

India's biggest Crypto-ponzi scam is estimated to be more than Rs 1000 crore

Odisha's Economic Offences Wing (EOW) has exposed a massive Crypto-Ponzi Scam that included over 2 lakh people, deposits worth more than Rs 1,000 crore and spread throughout India. During the crackdown, the EOW team arrested Gurtej Singh Sidhu, head of the India operations of 'STA Crypto token' from Rajasthan's Sri Ganganagar.

The EOW team also arrested Nirod Das of Bhadrak, the Odisha head of STA (Solar Techno Alliance). According to the EOW officials, the money involved (Pan India) in the scam is estimated to be more than Rs 1000 crore, and STA has more than 2 lakh members across India.

"We were chasing the accused for the past few days as he frequently changed his location in places like Goa, Lonavala, Mumbai, Delhi, Faridkot, Bhatinda, Hanumangadh, and Sri Ganganagar. A team of the Economic Offence Wing was tracking his movements," said J N Pankaj, inspector-general of the wing, which also arrested Nirod Das of Bhadrak.

In a statement, EOW said, "Film star Govinda was the chief guest of this meeting/celebration. Govinda also released some videos promoting/endorsing STA."

Gurtej Singh Sidhu, the country leader of STA Token, and Nirod Das, the head of Odisha, who was the subject of the EOW's investigation, were captured and put into arrest. Das was apprehended in Bhadrak, while Sidhu, a native of Faridkot in Punjab, was detained in Sri Ganganagar, Rajasthan. In Sri Ganganagar, Sidhu appeared before a judge issuing a seven-day transit detention.

According to reports, the fake organization collected Rs 30 crore from about 10,000 people in places like Bhadrak, Keonjhar, Balasore, Mayurbhanj, and Bhubaneswar. Additionally, 2 lakh investors from Bihar, Uttar Pradesh, Punjab, Rajasthan, Haryana, Delhi, Jharkhand, Assam, and Madhya Pradesh contributed an astounding total of Rs 1,000 crore.