The Cuttack OPID Court on Monday rejected the bail petition of Gurtej Singh, the country head of STA Crypto Token, who was arrested from Rajasthan by the Economic Offences Wing (EOW), Bhubaneswar.
Singh was arrested in August 2023 for his alleged involvement in fake STA crypto tokens, illegal money circulation and financial fraud. Investigations found that the company and its officials gained crores of rupees in illegal way by duping investors to invest their money in STA token under the guise of crypto currency but in reality it is an online illegal Ponzi scheme which is prohibited by Reserve Bank of India (RBI).
“There were illegal monetary transactions to the account of the accused petitioner Gurtej Singh and also to the account of his relatives which prima facie establish receipt of ill-gotten money from STA illegal Ponzi scheme,” EOW said in a release.
Being the country head, Singh was promoting STA token from zoom meetings and is also linked to co-accused David Gez, a Hungarian National.
The bail applications of other co-accused persons Nirod Das and Ratnakar Pallai have also been rejected by the Court under OPID, Cuttack. Co-accused Sushil Tudu who was arrested from Jharkhand is also in custody, EOW added.