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Tuesday, July 16, 2024

Govinda to Be Questioned in Rs 1,000 Crore Online Ponzi Scam Investigation

The Odisha Economic Offences Wing (EOW) has announced its intention to question Bollywood actor Govinda in connection with a pan-India online Ponzi scam investigation. Govinda, while not a suspect or accused, was associated with the Solar Techno Alliance (STA-Token), which allegedly operated a pyramid-structured online Ponzi scam under the guise of cryptocurrency investments.

Online Ponzi Scam Investigation

The EOW launched an investigation into the STA-Token’s activities, which were reported to be conducting an illegal Ponzi scheme and multi-level marketing scheme. Participants were enticed to join STA by recruiting new members under them, with the promise of lucrative returns. The investigation revealed that the allegations against STA were true.

Govinda’s Involvement

Govinda’s name has emerged in connection with the investigation due to his endorsement of the company’s operations in promotional videos. Sasmita Sahu, DSP EOW Bhubaneswar, stated that Govinda had been invited as a chief guest to a mega event hosted by STA on July 30, 2023, where he wants to take Govinda’s perspective on the event and learn about the person who contacted him for it.

Scope of the Scam

The Ponzi scheme collected deposits from investors in several states, including Bihar, Uttar Pradesh, Punjab, Rajasthan, Haryana, Delhi, Jharkhand, and others. The investigation has already resulted in the arrest of the company’s country and Odisha heads, Gurtej Singh Sidhu and Nirod Das, respectively, on August 7. Bhubaneswar-based investment adviser Ratnakar Palai was arrested on August 16 for his connection to Sidhu. Lookout circulars have been issued for the company’s chief, David Gez, who is a Hungarian national.

For more updates stay tuned to FELA News!

Source: India Today

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