Odisha EOW Busts ₹1000 Cr STA Crypto Token Ponzi Scam Across India

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha police has busted a nationwide cryptocurrency-based Ponzi scam worth over Rs 1000 crore. The scam was operated by STA Crypto Token, which claimed to be a solar technologies service but operated a Ponzi scheme using crypto tokens without authorization from regulatory authorities.

The scam targeted districts in Odisha, including Bhadrak, Balasore, Bhubaneswar, Mayurbhanj, Jajpur, Kendrapada, and Keonjhar. It also had over 2 lakh members across states like Punjab, Rajasthan, Bihar, Jharkhand, Haryana, Delhi, Madhya Pradesh, Maharashtra, Odisha, and Assam.

The company’s leaders, David Gez and Gurtej Sidhu, travelled extensively throughout India, living luxurious lifestyles and holding promotional events to lure new members. They used propaganda tools, fancy hotels, motivational speakers, and celebrity endorsements, like Govinda, to brainwash potential victims.

The investigation uncovered transactions totalling over Rs 30 crore in the bank account of Nirod Das, suggesting the involvement of black money in the scam. All accounts linked to the scam have been frozen.

The EOW has advised investors and celebrities to verify the credentials of any company before investing in or endorsing such schemes. It’s crucial to exercise caution and avoid falling victim to fraudulent investment schemes like this one.