Crypto Ponzi Scam Valued At Rs 1,000 Cr Uncovered By Odisha Police: All You Need To Know
1 year, 7 months ago

Crypto Ponzi Scam Valued At Rs 1,000 Cr Uncovered By Odisha Police: All You Need To Know

ABP News  

The Odisha Police's Economic Offence Wing has announced a significant breakthrough in its investigation, uncovering a Crypto Ponzi scam valued at Rs 1,000 crore. The EOW's recent operation led to the arrest of Gurtej Singh Sidhu, the Indian head of 'STA Crypto token,' a Ponzi firm located in Sri Ganganagar, Rajasthan. Beyond Odisha, the Ponzi scam boasted more than two lakh members across states such as Punjab, Rajasthan, Bihar, Jharkhand, Haryana, Delhi, Madhya Pradesh, Maharashtra, Odisha, and Assam. In reality, STA was operating an extensive Ponzi scheme disguised as a Crypto Token, exploiting terms like green energy and solar technology to mask its fraudulent activities.

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History of this topic

EOW makes 8th arrest in New India Cooperative Bank case
Trending News
1 week, 1 day ago

EOW makes 8th arrest in New India Cooperative Bank case

Hindustan Times  

MUMBAI: The Economic Offences Wing has arrested a man from Jharkhand, identified as Rajeev Ranjan Pandey, 45, in the New India Cooperative Bank money siphoning case. The police said Pandey was a beneficiary and had received around ₹15 crore from the ₹122 crore that was siphoned from the bank. “Unnanathan paid around ₹15 crore to Pandey from that money,” said …

New India bank fraud: EOW to again seek custody of 2 key accused
Trending News
1 week, 5 days ago

New India bank fraud: EOW to again seek custody of 2 key accused

Hindustan Times  

MUMBAI: The Economic Offences Wing of Mumbai police will again seek custody of former general manager of New India Cooperative Bank Hitesh Mehta and builder Dharmesh Paun in connection with the alleged embezzlement of ₹122-crore from the bank’s cash vaults. Hitesh Mehta, an employee of the bank since 1988, met RBI officials and confessed that he had been siphoning off …

Key accused in New India bank fraud surrenders
Trending News
2 weeks ago

Key accused in New India bank fraud surrenders

Hindustan Times  

Mumbai: Mumbai police’s Economic Offences Wing on Sunday arrested Ullhanathan Arunachalam alias Arun Bhai, 62, in connection with the alleged New India Co-operative Bank fraud. He visited the New India Cooperative Bank in March 2013 for business purposes and befriended the main accused, Hitesh Mehta, ex-general manager of the bank. Arunachalam’s son Manohar was arrested by the EOW after ₹12 …

Wanted Arunachalam Ullahanathan Maruthuvar alias ‘Arun Bhai’, arrested in New India Co-operative Bank scam case
Trending News
2 weeks, 1 day ago

Wanted Arunachalam Ullahanathan Maruthuvar alias ‘Arun Bhai’, arrested in New India Co-operative Bank scam case

Live Mint  

Economic Offences Wing, Mumbai, has arrested Arunachalam Ullahanathan Maruthuvar, a wanted accused in the New India Co-operative Bank misappropriation case. EOW stated that it is alleged that Arunachalam Ullahanathan Maruthuvar received approximately ₹30 crores from the misappropriated funds of NICB from the main accused Hitesh Mehta. Other Arrests in New India Co-operative Bank Case On March 15, EOW of the …

New India Co-operative Bank scam: Wanted accused Kapil Dedhia arrested, probe reveals ₹12 cr credited to his account
2 weeks, 1 day ago

New India Co-operative Bank scam: Wanted accused Kapil Dedhia arrested, probe reveals ₹12 cr credited to his account

Live Mint  

The Economic Offences Wing of Mumbai police arrested the wanted accused Kapil Dedhia in connection with the New India Cooperative Bank's ₹122 crore embezzlement case. Dedhia also received money from Unnathan Arunachalam, another wanted accused in the case, and prime accused Hitesh Mehta, the bank’s former general manager and head of accounts, reported PTI. The EOW has so far arrested …

Cryptocurrency scams busted near Assam-Bangladesh border
3 weeks, 4 days ago

Cryptocurrency scams busted near Assam-Bangladesh border

The Hindu  

The Assam Police have busted a couple of multi-level cryptocurrency scams by cybercriminals operating from villages near the Assam-Bangladesh border. Within three days, the police in western Assam’s South Salmara-Mankachar district arrested five persons for running fraudulent cryptocurrency schemes. The police said the accused used online payment platforms such PhonePe, Paytm, and Binance, a Chinese cryptocurrency exchange for Bitcoins, Ethereum, …

Cyberabad police arrest key suspect in ₹14 crore investment fraud targeting 200 investors
3 weeks, 5 days ago

Cyberabad police arrest key suspect in ₹14 crore investment fraud targeting 200 investors

The Hindu  

A man accused of duping around 200 individuals of ₹14 crore in large-scale investment fraud was arrested by the Economic Offences Wing of Cyberabad police on Tuesday. Another scheme assured investors that the same deposit amount would provide a monthly return of ₹20,000 for ten months, again amounting to ₹2 lakh, with a similar deduction. A third scheme offered land …

Economic offences wing arrests son of absconding businessman in New India Coop Bank fraud case
1 month ago

Economic offences wing arrests son of absconding businessman in New India Coop Bank fraud case

The Hindu  

The Mumbai police's economic offences wing has arrested the son of a businessman wanted in connection with the embezzlement of ₹122 crore at the New India Cooperative Bank, an official said on Friday. The EOW on Thursday arrested Manohar Arunachalam, the son of absconding accused Unnathan Arunachalam, the official said. The official said Manohar allegedly helped his father, Unnathan Arunachalam …

Haryana: ED seizes cryptocurrency amounting to Rs 17.20 crore across multiple wallets during raids
1 month ago

Haryana: ED seizes cryptocurrency amounting to Rs 17.20 crore across multiple wallets during raids

Op India  

The Enforcement Directorate seized cryptocurrency amounting to Rs 17.20 crore across multiple wallets during searches conducted at six locations in Haryana on Thursday, the agency said. The cryptocurrency, amounting to Rs 17.20 crore across multiple wallets, was owned and managed by one Mahesh Kumar and his associates, said the ED. “The search operations also resulted in the seizure of several …

Torres scam accused launched investment schemes in Bulgaria, verification on: Police
1 month, 1 week ago

Torres scam accused launched investment schemes in Bulgaria, verification on: Police

The Hindu  

The Mumbai police's Economic Offences Wing, which is probing Torres investment scam, has received information that the wanted accused in the case have launched similar investment schemes in Bulgaria, and its verification is on, officials said. Police have so far arrested six persons in the Torres investment fraud case, while nine others are wanted — eight from Ukraine and one …

Thousands of Indians lose ₹870 crore savings in ponzi scheme promising high returns in Telangana; 2 arrested
1 month, 1 week ago

Thousands of Indians lose ₹870 crore savings in ponzi scheme promising high returns in Telangana; 2 arrested

Hindustan Times  

Thousands of Indians lost nearly ₹870 crore in a Ponzi scheme in Telangana after a company cheated them into making short-term investments promising returns of up to 22%, Reuters reported citing statements from Telangana Police and multiple victims. The company allegedly collected ₹1,700 crore from nearly 7,000 investors since 2021. Delhi-based jeweller Ankit Bihani said he met with 50 other …

Half-priced dreams, full-priced nightmares: Why are Keralites such easy prey for scamsters?
1 month, 2 weeks ago

Half-priced dreams, full-priced nightmares: Why are Keralites such easy prey for scamsters?

New Indian Express  

During the fag-end of 2024, a 45-year-old man from Kerala lost a staggering Rs 4.05 crore over a two-and-a-half month period to a cyber scam. Earlier, in September 2024, a scamster hailing from Rajasthan cheated a Kozhikode doctor to the tune of Rs 4.08 crore. Kerala police said that during the year 2023, a total of 23,753 people in the …

Two arrested in Rs 850 crore Falcon Ponzi scheme case in Telangana
1 month, 2 weeks ago

Two arrested in Rs 850 crore Falcon Ponzi scheme case in Telangana

New Indian Express  

HYDERABAD: The Economic Offences Wing of Cyberabad commissionerate has arrested two individuals in connection with an Rs 850 crore Ponzi scheme linked to the Falcon Invoice Discounting Platform. The police arrested Pavan Kumar Odela, vice-president of Capital Protection Force Pvt Ltd & business head of Falcon Invoice Discounting Platform, and Kavya Nalluri, director of Capital Protection Force Pvt Ltd and …

Two arrested by Cyberabad EOW in ₹850 crore ponzi scheme case
1 month, 2 weeks ago

Two arrested by Cyberabad EOW in ₹850 crore ponzi scheme case

The Hindu  

Two individuals have been arrested by the Economic Offences Wing of Cyberabad Police in connection with an ₹850 crore ponzi scheme linked to the Falcon Invoice Discounting Platform. Ltd. and Business Head of Falcon Invoice Discounting Platform, and Kavya Nalluri, Director of Capital Protection Force Pvt Ltd and Falcon Capital Ventures Pvt Ltd. “Investigations have revealed that the primary accused, …

Mumbai bank scam: Maharashtra EOW makes second arrest in New India Cooperative Bank scam case
1 month, 2 weeks ago

Mumbai bank scam: Maharashtra EOW makes second arrest in New India Cooperative Bank scam case

India TV News  

Mumbai bank scam: Maharashtra EOW makes second arrest in New India Cooperative Bank scam case The case pertains to the syphoning off Rs 122 crore by the prime accused former General Manager Hitesh Mehta. The Mumbai Police Economic Offences Wing has arrested another accused in the Rs 122 crore New India Co-operative Bank scam case. The EOW said that Dharmesh …

Gujarat: ED seizes Rs 1,646 crore from US-wanted scammer in biggest crypto fraud
1 month, 2 weeks ago

Gujarat: ED seizes Rs 1,646 crore from US-wanted scammer in biggest crypto fraud

India Today  

The Enforcement Directorate has seized cryptocurrencies worth approximately Rs 1,646 crore in Ahmedabad, Gujarat, as part of its investigation into the massive BitConnect scam. The case revolves around Satish Kumbhani, the founder of the now-defunct crypto investment platform BitConnect, who has been under the scrutiny of the US Department of Justice for orchestrating one of the world's largest cryptocurrency frauds. …

Kavali Ponzi Scheme: Investors Across AP, TG, Karnataka Duped
1 month, 2 weeks ago

Kavali Ponzi Scheme: Investors Across AP, TG, Karnataka Duped

Deccan Chronicle  

Tirupati: The online trading and investment scam that has rocked Kavali town in Nellore district is reckoned to be a large-scale fraud with implications across multiple states. A police investigation started after Telangana's Makthal MLA Vakiti Srihari reached out to Kavali MLA Venkata Krishna Reddy, seeking justice for his constituents who had fallen victim to Subhani’s fraudulent schemes. According to …

Odisha EOW arrests 2 linked to iron ore loading agency for fund misappropriation
1 month, 3 weeks ago

Odisha EOW arrests 2 linked to iron ore loading agency for fund misappropriation

Hindustan Times  

Bhubaneswar: The Economic Offences Wing of the Odisha police have arrested two persons linked to an iron ore loading agency in connection with a fraud and misappropriation case amounting to over ₹35 crore. The accused-- the Gandhamardhan Loading Agency & Transporting Cooperative Society Ltd’s former president Manas Ranjan Barik and its Utkal Das-- were arrested from Suakati in Keonjhar district …

10 arrested in Vellore-based financial firm scam
1 month, 4 weeks ago

10 arrested in Vellore-based financial firm scam

The Hindu  

The Economic Offences Wing has arrested 10 persons so far in connection with a scam involving Vellore-based LNS International Financial Services, where the company cheated over 5046 depositors and swindled ₹800 crore. The EOW registered a case against the dysfunctional financial firm, its sister concerns, and the directors and administrators of the firms, based on the depositors’ complaints. The depositors …

Puducherry cybercrime cops crack network extorting money from loan app users
2 months, 1 week ago

Puducherry cybercrime cops crack network extorting money from loan app users

New Indian Express  

PUDUCHERRY: Puducherry Cyber Crime police have uncovered a major cyber fraud network that has allegedly extorted hundreds of crores of rupees from victims across India through instant loan applications, and arrested a Kerala man, who had Rs 10.65 crore credited to his bank accounts. The probe began in 2023 when Andrews, a resident of Puducherry, registered a complaint alleging he …

Multi-crore Torres investment scam: 1,535 complaints received by Mumbai police so far
2 months, 2 weeks ago

Multi-crore Torres investment scam: 1,535 complaints received by Mumbai police so far

Hindustan Times  

MUMBAI: The Economic Offences Wing of the Mumbai Police, which has taken over the investigation into the multi-crore investment scam involving the Torres jewellery firm, said they received complaints from 1,535 investors. Multi-crore Torres investment scam: 1,535 complaints received by Mumbai police so far During search operations at the chain’s main store in Dadar on Saturday, authorities seized cash, gold, …

Crypto currency scam: ED freezes ₹12.5cr in Thane, Navi Mum, other cities
3 months, 2 weeks ago

Crypto currency scam: ED freezes ₹12.5cr in Thane, Navi Mum, other cities

Hindustan Times  

MUMBAI: The Enforcement Directorate froze Proceeds of Crime worth ₹12.5 crore, in the form of bank balances, fixed deposits and mutual funds, as part of its money-laundering probe into an alleged multi-crore fraud against multiple investors on the pretext of doubling their investment through the app, HPZ Token, and online gaming and betting websites. Crypto currency scam: ED freezes ₹ …

Over 59,000 victims of online trading fraud in Odisha in six years: CM Mohan Majhi
3 months, 3 weeks ago

Over 59,000 victims of online trading fraud in Odisha in six years: CM Mohan Majhi

Deccan Chronicle  

Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi revealed on Monday that over 59,000 people in the state have fallen prey to online trading fraud in the past six years. Between 2019 and November 2024, the state registered 769 cases of online trading scams, affecting 59,437 individuals. The Economic Offences Wing of the Odisha Police also reported significant cases, with four …

ED arrests Ponzi scam mastermind for duping investors of Rs 600 crore in Mumbai
4 months ago

ED arrests Ponzi scam mastermind for duping investors of Rs 600 crore in Mumbai

India Today  

The Enforcement Directorate has arrested Amber Dalal, the proprietor of Ritz Consultancy Services, for allegedly running a Ponzi scheme that defrauded investors of more than Rs 600 crore. He is accused of luring around 1,300 investors with promises of high returns, paying initial amounts to gain trust, and then absconding with the funds. The scheme also used funds from new …

Bitcoin Scam Case: CBI Summons Gaurav Mehta, Names 2 Accused In FIR Amid ED Raids, Maharashtra ‘Audio Clips’ Row
4 months, 1 week ago

Bitcoin Scam Case: CBI Summons Gaurav Mehta, Names 2 Accused In FIR Amid ED Raids, Maharashtra ‘Audio Clips’ Row

ABP News  

Gain Bitcoin Scam Case: The Enforcement Directorate and the Central Bureau of Investigation intensified their investigations into the alleged Bitcoin Ponzi scam involving Gaurav Mehta on Wednesday, following the Bharatiya Janata Party's explosive claims against Congress and NCP leaders. The CBI on Wednesday summoned Gaurav Mehta to appear before it as soon as possible in connection with the Rs 6,600-crore …

Digital arrest: Man from Assam held for swindling Rs 92 lakh
4 months, 1 week ago

Digital arrest: Man from Assam held for swindling Rs 92 lakh

New Indian Express  

CHENNAI: A 38-year-old man from Assam was arrested by the cyber crime wing of the Central Crime Branch Chennai on charges of swindling Rs 92 lakh from a central government employee in a digital arrest scam. The caller claimed that the victim’s Aadhaar-linked mobile number was involved in money laundering and an arrest warrant was issued against him. The police …

Police bust Rs 2,200 crore online trading scam in Assam, two arrested
6 months, 3 weeks ago

Police bust Rs 2,200 crore online trading scam in Assam, two arrested

India Today  

Assam Police has arrested two people in connection with a Rs 2,200 crore financial scam involving fraudulent online stock market investment, sources said. The accused, Vishal Phukan, 22, from Dibrugarh, and Swapnil Das from Guwahati, allegedly enticed investors with guarantees of a 30 per cent return on their investments within 60 days. Phukan, who allegedly used his luxurious lifestyle to …

Balangir police cracks crypto scam, nabs four from Rajasthan for Rs 76 lakh fraud
7 months ago

Balangir police cracks crypto scam, nabs four from Rajasthan for Rs 76 lakh fraud

New Indian Express  

BALANGIR: Balangir police successfully busted a major cyber scam and arresting four persons from Rajasthan for defrauding people to the tune of Rs 76 lakh posing as representatives of a crypto trading company. The arrests were made after an FIR was lodged with the cyber police in which it was alleged that the accused defrauded victims by posing as representatives …

Odisha: Crime Branch busts investment fraud gang, nabs 15
8 months, 2 weeks ago

Odisha: Crime Branch busts investment fraud gang, nabs 15

New Indian Express  

BHUBANESWAR: In a major crackdown against scamsters engaged in online investment frauds, the Crime Branch of Odisha Police on Tuesday busted an inter-state gang and arrested 15 of its members for their alleged involvement in cheating people and swindling over Rs 20 crore across the country in the last few months. The accused lured people in around nine states including …

Cyberabad Police Busted Online Investment Scam, 1 Held
9 months ago

Cyberabad Police Busted Online Investment Scam, 1 Held

Deccan Chronicle  

Hyderabad: The Cyberabad police busted an online investment scam with the arrest of a person identified as Kunjathbail Mujib Sayyad of Manglore in Karnataka. Based on the complaint lodged by one Shaik Ahmed, a resident of Farooqnagar village in Ranga Reddy district, the Shadnagar police registered a case under Sections 420, 406, 120B of Indian Penal Code and Section 5 …

Duo arrested for conning 14 investors of ₹3.16 crore in real estate scam
9 months ago

Duo arrested for conning 14 investors of ₹3.16 crore in real estate scam

The Hindu  

The Cyberabad Economic Offences Wing arrested two individuals who conned at least 14 Telangana citizens to the tune of ₹3.16 crore in a real estate scam. The officials arrested Kalapatapu Sri Lakshmi Prasad and Mungaluri Venkata Satya Sudheer who promised high returns on investment in a real estate venture in the name of Subhodayam Infra Pvt Ltd located in Madhapur. …

Odisha Crime Branch issues advisory on online investment frauds
10 months, 1 week ago

Odisha Crime Branch issues advisory on online investment frauds

New Indian Express  

BHUBANESWAR: The Crime Branch of Odisha Police on Saturday issued an advisory for citizens on online investment frauds that promise lucrative returns to investors. The agency has already registered 25 cases of online investment frauds amounting to a whopping Rs 17 crore in the last four months. The Crime Branch pointed out that in recent years there has been a …

Odisha EOW busts fake pan-India drug courier scam; one arrested
1 year, 1 month 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, 6 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, 6 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, 6 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, 6 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, 6 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, 6 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, 6 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, 7 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, 7 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 …

Busted ponzi scheme that cheated people of over ₹1,000 crore: Odisha police
1 year, 7 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 …

Biggest Crypto-ponzi scam of India, STA, busted in Odisha
1 year, 7 months ago

Biggest Crypto-ponzi scam of India, STA, busted in Odisha

Op India  

The Economic Offences Wing of Odisha Police, on the 7th of August, stated that it has busted the biggest crypto-ponzi scam in India. As part of the crackdown, the EOW team arrested Gurtej Singh Sidhu, head of the India operations of ‘STA Crypto token’ from Rajasthan’s Sri Ganganagar. According to the EOW officials, the total money involved in the scam …

EOW Odisha claims to have unearthed a massive cryptocurrency-based Ponzi scam
1 year, 7 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, 8 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 …

Karnataka government to revive Bitcoin scam probe, says Home Minister G Parameshwara
1 year, 9 months ago

Karnataka government to revive Bitcoin scam probe, says Home Minister G Parameshwara

India Today  

The Siddaramaiah-led Congress government in the state will re-examine the Bitcoin scam that made headlines in 2021, Home Minister Dr G Parameshwara said. Home minister Dr G Parameshwara said, “We are in power now and we will dig things up. We will re-examine the Bitcoin scam.” The cabinet minister said the BJP leaders in the state had alleged an "adjustment …

Odisha Police arrest key accused of ’India’s biggest ever’ job fraud
2 years, 2 months ago

Odisha Police arrest key accused of ’India’s biggest ever’ job fraud

Live Mint  

Odisha Police busted what is said to be India's 'biggest ever job fraud' and arrested its mastermind from Uttar Pradesh. The Economic Offences Wing said it unearthed a huge job fraud scam being run from UP's Aligarh, according to the news agency ANI. JN Pankaj, Deputy Inspector General EOW said, “We are very thankful to Aligarh Police of Uttar Pradesh …

crypto scam india investors likely lost rs 1000 crore to fake exchanges cloudsek
2 years, 9 months ago

crypto scam india investors likely lost rs 1000 crore to fake exchanges cloudsek

ABP News  

New Delhi: Fake cryptocurrency exchanges have duped Indian investors of more than $128 million as the global crypto market tanks, a new report claimed on Tuesday. "We estimate that threat actors have defrauded victims of up to $128 million via such crypto scams," said Rahul Sasi, Founder and CEO of CloudSEK. Threat actors first create fake domains that impersonate legitimate …

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