Odisha Economic Offence Wing Uncovers Crypto-Ponzi scam worth Rs 1,000 crore

Bhubaneswar(India), 08/08/23: On Monday, the Odisha Police’s Economic Offence Wing (EOW) said that it had discovered a $1 billion cryptocurrency Ponzi scheme.

A PTI report stated that, Gurtej Singh Sidhu, (40), the head of “STA Crypto token,” a ponzi scheme from Sri-Ganganagar, Rajasthan, was detained by the EOW.

Gurtej is a native of Faridkot, Punjab, according to a statement from the EOW. He was brought before a court in Sri Ganganagar, where the judge ordered him held for seven days as a transit detainee. On Monday, he was taken to Odisha, where he will now appear before a court in Cuttack.

The EOW claimed that he regularly changed his position between Goa, Lonavala, Mumbai, Delhi, Faridkot, Bhatinda, Hanumangadh, and Sri Ganganagar. A team lead by DSP Sasmita Sahoo traced his movements before the man was taken into custody, the EOW claimed.

The head of STA in Odisha, Nirod Das of Bhadrak, was also detained by the EOW. The EOW has previously filed a case in this matter.

An investigation was carried out on information that a cryptocurrency-based ponzi scheme is being run in Odisha, particularly in the districts of Bhadrak, Balasore, Bhubaneswar, Mayurbhanj, Jajpur, Kendrapada, and Keonjhar.

According to the EOW, throughout the investigation it was discovered that STA, through some upline members, is highly active in these districts and has been utilising a variety of propaganda techniques to convince individuals to sign up for this scam and earn a tonne of money quickly.

It was discovered that members have begun to conduct daily business using the STA token as legal money. More than 10,000 persons from Odisha are thought to have previously participated in this programme.

More than two lakh people (across all of India) have fallen victim to this scam, mostly in the states of Punjab, Rajasthan, Bihar, Jharkhand, Haryana, Delhi, Madhya Pradesh, Maharashtra, Odisha, and Assam.

In September 2021, the Solar Techno Alliance (STA) was established. It makes the claim to be a on its website and social media sites. They said, “one-stop Solar Technologies service that enables users to order anything they like from the nearest farmers in the shortest amount of time using blockchain technology.”

However, it was discovered throughout the investigation that STA is not permitted to collect deposits by the RBI or any other authority. Under the guise of Crypto Token, it operates a massive ponzi scheme. According to the report, STA conceals its Crypto-Ponzi scheme by using socially acceptable phrases like solar technology and green energy.

The STA’s website is housed in Iceland, yet it only conducts business there. The EOW stated that Gurtej Singh Sidhu is in charge of the India operation and that it is led by David Gez, a young Hungarian national who has travelled to India frequently.

David Gez and Gurtej Sidhu have both visited numerous locations in India, including Odisha, and have participated in a variety of STA activities. The EOW stated in a statement, “Members are told that they will earn $20 to $3000 per day if they join this plan and add more members under them.”