Arrest Made in $120 Million Crypto Ponzi Scheme in India
A recent arrest has been made in connection with a $120 million cryptocurrency Ponzi scheme in Odisha, India. Ratnakar Palai, a close aide and accomplice of Gurtej Singh Sidhu and Nirod Das, was apprehended by the Economic Offences Wing (EOW) on Friday. The trio is accused of being involved in a large-scale Ponzi scheme centered around the Solar Techno Alliance (STA) Token.
Main Key Points:
- Ratnakar Palai was allegedly responsible for running the social media and influencer arm of the STA scam.
- The scam targeted 200,000 individuals in India and accumulated approximately $120 million.
- Palai operated his own investment and education venture called “Learn to Earn,” which he shut down after his associates were arrested.
- A Dutch national has also been arrested in connection with the group, and the authorities are trying to gather more information about this individual.
- Reports suggest that STA Token is planning to rebrand under a different name to attract new investors.
Hot Take: The arrest of Ratnakar Palai sheds light on the extent of the cryptocurrency Ponzi scheme in India and the role social media played in its operation. This serves as a reminder to crypto enthusiasts to remain vigilant and skeptical of investment opportunities that promise high returns and rely heavily on recruitment.
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