LOC Issued Against 3 Key Members of STA Token Crypto-Ponzi Scam

Bhubaneswar: The Bureau of Immigration has issued a Look Out Circular (LOC) against three key members of the STA Token crypto-ponzi scam. The LOC has been issued following a request from the Economic Offences Wing (EOW) of Odisha Police.

The three individuals are Krishna Kumar, Anil Kumar, and Bhoora Ram, all of whom are from Rajasthan. They are closely associated with Gurtej Singh Sidhu, the India head of STA Token.

Sidhu is the mastermind of the multi-crore crypto-ponzi scam. He and his associates lured investors by promising high returns in a short span. They also used propaganda tools to entice people to invest in STA Token.

EOW has already apprehended three individuals, including Gurtej Singh Sidhu, in the Rs 1000 crore crypto-ponzi scam. Nirod Das, Odisha head of the crypto-ponzi firm, and Ratnakar Palai, a crucial associate of Sidhu and propaganda head/social media influencer of STA, were also arrested. They have been charged under relevant sections of the IPC and PCMS Act.

The cryptocurrency-based Ponzi scheme had a strong presence in Odisha, primarily in districts such as Bhadrak, Balasore, Bhubaneswar, and others. EOW’s investigation revealed that the scheme employed various propaganda tools to entice individuals with promises of high returns in a short span.

Notably, the STA token began functioning as a form of legal tender in day-to-day transactions for its members. The scheme has reportedly amassed over 2 lakh members nationwide, with a significant presence in states like Punjab, Rajasthan, Bihar, and more.