Law Authorities Dismantle $120 Million Crypto Ponzi Scheme in India
The Indian state of Odisha successfully took down a massive crypto Ponzi scheme worth $120 million. The Economic Offences Wing (EOW) of the state police arrested two key individuals involved in the fraudulent operation.
Key Points:
– The EOW initiated an inquiry into the alleged cryptocurrency-associated Ponzi scheme based on information from multiple sources.
– The Solar Techno Alliance (STA) Crypto Token played a central role in the scheme, with the assistance of specific upline members.
– The scheme attracted over 10,000 individuals from Odisha, enticing them with promises of quick profits.
– The state police arrested Gurtej Sigh Sidhu, the leader of STA Token, and Nirod Das, the head of the Odisha unit.
– STA lacked authorization from regulatory bodies and operated under the guise of a green energy and solar technology venture.
Additional Findings:
– STA launched in September 2021 with an official website and YouTube channel.
– The mastermind behind the scam frequently changed locations to avoid detection.
– The network organized extravagant celebrations and distributed bonuses to those in the up-line.
– The investigation revealed that the STA website was hosted in Iceland but focused its operations solely in India.
Hot Take
This successful dismantlement of a massive crypto Ponzi scheme in India highlights the importance of law enforcement and regulation in the cryptocurrency space. It also serves as a reminder for investors to exercise caution and do thorough research before participating in any investment scheme.
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