Bhubaneswar: The Economic Offences Wing (EOW), Bhubaneswar on Wednesday claimed to have arrested one more accused in the STA Crypto-ponzi scam.
Ratnakar Palai (45), was arrested from Bhubaneswar on August 15, 2023. Earlier, the EOW had arrested two key accused- Gurtej Singh Sidhu and Nirod Das-in connection with the scam.
The Economic Offences Wing (EOW) of Odisha Police, on the 7th of August, stated that it has busted the biggest crypto-ponzi scam in India. As part of 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, who is the Odisha head of STA (Solar Techno Alliance). According to the EOW officials, the total 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.
The EOW found out that STA collected deposits despite not having any authorisation from the Reserve Bank of India (RBI) or other concerned authorities. Additionally, STA hosts its website from Iceland, however, all its ‘business’ activity is limited to India.
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