Thursday, September 21, 2023

Odisha EOW to summon Bollywood star Govinda in crypto-ponzi scam – N.F Times

Bhubaneswar: The Economic Offence Wing (EOW) of Odisha Crime Branch will summon Bollywood star Govinda in connection with Rs 1000 crore-STA Token crypto-ponzi scam.

“Govinda had visited Goa to launch a blockchain technology of the Solar Techno Alliance (STA) at an event. Therefore, we may summon him here or a team may visit Mumbai. We have not taken any decision yet. The investigation is underway to ascertain the actor’s role in STA and as to why he had gone to that event,” informed EOW DSP Sasmita Sahu today.

The Solar Techno Alliance was launched in 2021. Govinda had visited in 2023 to launch blockchain technology of the ponzi firm in Goa. The new investors might have been influenced by the presence of the Bollywood star at the event assuming the firm was genuine. And Gurtej Singh Sidhu, the India head of STA Crypto token, might have invited Govinda for this purpose, she added.

In August, the STA had hosted a grand celebration in a luxury star hotel in Goa where more than 1000 up-line members including many from Odisha attended the event. Bollywood actor-turned-politician Govinda graced the occasion as the chief guest and released some video endorsing STA.

The EOW had busted country’s biggest crypto-ponzi scam with the arrest of two accused persons including India head of one cryptocurrency-based ponzi firm from Rajasthan.

On request of EOW, the Bureau of Immigration has issued Look Out Circular (LOC) against David Gez, a Hungarian national, who is the global head of the STA Token firm. Besides, the LOC has been served against three more persons in connection with the multicrore fraud case.

According to reports, the cryptocurrency-based ponzi scheme was active in Odisha especially in Bhadrak, Balasore, Bhubaneswar, Mayurbhanj, Jajpur, Kendrapara and Keonjhar districts following which the EOW conducted an inquiry. During investigation, it was found that the company with help of its members were using various propaganda tools to persuade people to join the scheme alluring them of high returns in a very short time.

During investigation, it was found that members have started using the STA token like a legal tender in their day-to-day business. It is estimated that more than 10,000 people from Odisha have already been members of this scheme. This scheme/scam has more than 2 lakh members (Pan India) mainly in the states like Punjab, Rajasthan, Bihar, Jharkhand, Haryana, Delhi, Madhya Pradesh, Maharashtra, Odisha and Assam.

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