The Economic Offences Wing (EOW) of Odisha Police has arrested Gurtej Singh Sidhu, the mastermind of an alleged Rs 1,000 crore pan-India cryptocurrency scam. Sidhu, who is a school dropout, had spread his network in foreign countries, including Hungary.
Sidhu had floated a company named STA (Solar Techno Alliance) Token and promised investors high returns on their investments. He lured investors by claiming that STA Token was backed by a solar power plant in Odisha. However, the plant did not exist and Sidhu used the money collected from investors to fund his lavish lifestyle.
The EOW received information about the scam in March 2023 and started an investigation. Sidhu was arrested from Delhi on Monday. He is currently in EOW custody.
The EOW has also arrested two other accused in the case, identified as Santosh Das and Pradip Kumar Das. Santosh Das was the marketing head of STA Token and Pradip Kumar Das was the head of its customer care department.
The EOW is looking for other people who are involved in the scam. They have also asked people who have invested in STA Token to come forward and file complaints.
The STA Token scam is one of the biggest cryptocurrency scams in India. It is estimated that more than 2 lakh people have invested in STA Token and lost their money. The scam has also caused a lot of financial hardship to many families.
The EOW's arrest of Sidhu and the other accused is a major breakthrough in the case. However, it is important to note that the scam is still ongoing and there are many people who are still waiting to get their money back. The EOW needs to do more to bring all the perpetrators to justice and to recover the money that was stolen from investors.
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