Odisha EOW takes Crypto mastermind, associate on 2-day remand

The Economic Offences Wing (EOW) of the Odisha Crime Branch took the mastermind of STA Crypto business, Gurtej Singh Siddhu, and his associate from Odisha, Nirod Das on a 2-day remand.

The remand was granted by a special OPID court on Tuesday.

Sidhu, the India head of ‘STA Crypto token’ was arrested by the EOW from Sri Ganganagar in Rajasthan. Apart from Sidhu, EOW had also arrested Nirod Das of Bhadrak, who is the Odisha head of STA, (Solar Techno Alliance).

STA (Solar Techno Alliance), which was launched in September 2021, claimed to be a 'One-stop Solar Technologies service' that enables users to order anything they like from the nearest farmers in the shortest amount of time using blockchain technology.

However, EOW found that STA is not authorized by RBI or any other authorities to collect deposits. STA ran a huge Ponzi (MLM/ Pyramid) scheme in the garb of Crypto Token, informed EOW sources.

STA uses socially popular terms like green energy, and solar technology to mask its Crypto-Ponzi scam, claimed EOW.

It is estimated that more than 10,000 people from Odisha have already been members of this scheme. This scheme/scam has more than 2 lakh members (Pan India) mainly in the states like Punjab, Rajasthan, Bihar, Jharkhand, Haryana, Delhi, Madhya Pradesh, Maharashtra, Odisha, and Assam.

EOW launched a probe after getting intelligence that a crypto currency-based Ponzi scheme/scam is being run in Odisha, especially in Bhadrak, Balasore, Bhubaneswar, Mayurbhanj, Jajpur, Kendrapada, and Keonjhar districts.