Busted ponzi scheme that cheated people of over ₹1,000 crore: Odisha police
1 year, 4 months ago

Busted ponzi scheme that cheated people of over ₹1,000 crore: Odisha police

Hindustan Times  

The Odisha police on Monday said it has busted a cryptocurrency-based ponzi scheme in which more than 2 lakh people have been cheated of over ₹1,000 crore. EOW inspector general of police Jai Narayan Pankaj said the members initially got some monetary benefits which tempted them to add more members. EOW inspector general of police Jai Narayan Pankaj said like any other multi level marketing scheme, members initially got some monetary benefits which tempted them to add more members. STA used the socially popular terms like green energy, solar technology to mask its crypto-ponzi scam,” the senior police officer said.

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History of this topic

Odisha EOW busts fake pan-India drug courier scam; one arrested
10 months, 2 weeks ago

Odisha EOW busts fake pan-India drug courier scam; one arrested

Hindustan Times  

Bhubaneshwar: The Odisha Police Economic Offences Wing busted a pan-India drug courier fraud and arrested one person in connection, officials said on Wednesday. EOW inspector general Jai Narayan Pankaj said his team arrested one Rajat Kumar of Haryana from Himachal Pradesh based on a complaint filed by Ratna Tripathy, a Bhubaneswar-based journalist after she was allegedly ripped off by a …

Solar Techno Alliance crypto scam: the promise of a Ponzi scheme in Odisha
1 year, 3 months ago

Solar Techno Alliance crypto scam: the promise of a Ponzi scheme in Odisha

The Hindu  

Manoj Kumar Laha, 47, who runs a paan shop in Odisha’s Bhadrak district, 120 km from the State capital Bhubaneswar, wondered every day how he could make more than ₹15,000 a month. The crypto token was an alleged facade for an illicit multi-level marketing Ponzi scheme promoted through Solar Techno Alliance, with a ‘turnover’ exceeding ₹1,000 crore in the two …

Odisha police may question actor Govinda in alleged fake cryptocurrency case
1 year, 3 months ago

Odisha police may question actor Govinda in alleged fake cryptocurrency case

Hindustan Times  

The Economic Offences Wing of Odisha police may interrogate Bollywood actor Govinda in connection with a ₹1,000 crore fake cryptocurrency scam. Officials of Economic Offences Wing of Odisha police said the actor, who had attended a promotional event of Solar Techno Alliance, a multi-level marketing scheme which advertised itself as a cryptocurrency, in Goa on July 30 may be summoned. …

Govinda's manager clarifies on reports of actor's Rs 1,000 crore online Ponzi scam
1 year, 3 months ago

Govinda's manager clarifies on reports of actor's Rs 1,000 crore online Ponzi scam

India Today  

On September 13, the Odisha Economic Offences Wing said that they will question Govinda in connection with a pan-India online Ponzi scam probe of Rs 1,000 crore. The authorities said that the Solar Techno Alliance, with an online presence in several countries, was illegally operating a pyramid-structured online Ponzi scam. GOVINDA'S MANAGER REACTS TO ACTOR'S INVOLVEMENT IN ONLINE SCAM Govinda’s …

Govinda to be questioned in connection with Rs 1,000 crore online ponzi scheme | Deets inside
1 year, 3 months ago

Govinda to be questioned in connection with Rs 1,000 crore online ponzi scheme | Deets inside

India TV News  

The Economic Offence Wing of Odisha Crime Branch will soon question Bollywood actor Govinda in connection with a Rs 1000 crore online Ponzi scam. The company, according to the EOW, was involved in illegally operating a pyramid-structured online ponzi scheme under the garb of crypto investment. This scheme is believed to be one of the largest cryptocurrency-based Ponzi schemes in …

Veteran actor Govinda may be questioned in connection with Ponzi scheme
1 year, 3 months ago

Veteran actor Govinda may be questioned in connection with Ponzi scheme

The Hindu  

The Economic Offence Wing of Odisha Police may summon veteran actor Govinda for his alleged involvement in promotion of Solar Techno Alliance, a Ponzi scheme, through which many gullible investors had allegedly lost their investment. The STA is said to be one of the largest crypto currency-based Ponzi schemes in India that involved ₹1,000 crore and 2 lakh people. The …

Govinda to be questioned in Rs 1,000 crore online ponzi scam
1 year, 3 months ago

Govinda to be questioned in Rs 1,000 crore online ponzi scam

India Today  

The Odisha Economic Offences Wing on September 13 said they will question Govinda in connection with a Rs 1,000 crore pan-India Online Ponzi Scam probe. The authorities said that the Solar Techno Alliance with an online presence in several countries was illegally operating a pyramid-structured online ponzi scam in the garb of crypto investment. GOVINDA TO BE QUESTIONED IN ONLINE …

Get rich quick: The anatomy of a fake cryptocurrency scam
1 year, 3 months ago

Get rich quick: The anatomy of a fake cryptocurrency scam

Hindustan Times  

At 11.45 am on August 4, a two-member team of the Economic Offences Wing of the Odisha police, headed by deputy superintendent of police Sasmita Sahoo, landed outside a run-down hotel in the dusty town of Sri Ganganagar in Rajasthan. Over the last few days, 40-year-old Gurtej Singh Sidhu, accused of a “cryptocurrency scam” worth close to ₹1,000 crore, had …

Odisha: Look out circular issued against 3 persons in Crypto scam
1 year, 3 months ago

Odisha: Look out circular issued against 3 persons in Crypto scam

Hindustan Times  

A month after the Economic Offences Wing of theOdisha Police bust a crypto token scam of ₹1,000 crore, the Bureau of Immigration has issued Look-Out Circulars against three persons of Rajasthan, who are the close associates of the main accused Gurtej Singh Sidhu. Sidhu, who masterminded the STA crypto token scam, was arrested from a hotel in Sri Ganganagar early …

Ponzi scam: Odisha Police arrests India head of Chinese earning app from Tamil Nadu
1 year, 4 months ago

Ponzi scam: Odisha Police arrests India head of Chinese earning app from Tamil Nadu

Hindustan Times  

The Economic Offence Wing of Odisha Police on Thursday said it has arrested India head of Chinese earning Aap, involved in an online ponzi scam, officials said. Police said that after banning of loan apps they started running Earning Apps, online betting and other App based cyber-financial frauds. Law Enforcement Agencies started crackdown against Chinese Loan Apps after many people …

EOW Odisha claims to have unearthed a massive cryptocurrency-based Ponzi scam
1 year, 4 months ago

EOW Odisha claims to have unearthed a massive cryptocurrency-based Ponzi scam

The Hindu  

The Economic Offence Wing of Odisha Police on August 7 claimed to have unearthed one of the largest cryptocurrency-based Ponzi schemes involving ₹1,000 crore and two lakh investors. However, EOW chief Jai Narayan Pankaj said, “Not authorised by Reserve Bank of India or any other authority to collect deposits, the STA runs a huge Ponzi multi-level marketing scheme. After getting …

Online fraudsters using photos of celebrities to con investors: Odisha police
1 year, 5 months ago

Online fraudsters using photos of celebrities to con investors: Odisha police

The Hindu  

The Economic Offences Wing of the Odisha police stepped up its crackdown against multi-level marketing firms and online Ponzi schemes by freezing ₹75 lakh in 14 bank accounts across India. Mr. Pankaj said they also used the logo of big companies like Tata to mislead or impress upon people on various social media platforms such as Instagram and YouTube. “Earlier …

Fraudster held in Delhi for duping several investors worth Rs 3.6 crores
2 years, 10 months ago

Fraudster held in Delhi for duping several investors worth Rs 3.6 crores

India Today  

The Economic Offences Wing of Delhi Police has arrested a member of a gang that duped nearly 41 investors from Rohini of at least Rs 3.6 crore through multi-level marketing Ponzi schemes. Multi-level marketing Ponzi schemes Police launched an investigation when a complaint was registered by Promila Jain and others who alleged that Jain and Singh induced housewives on the …

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