Govinda To Be Questioned In Connection With Rs 1000 Crore Online Ponzi Scam
On September 13, the Odisha Economic Offences Wing (EOW) announced its intention to interrogate Bollywood actor Govinda as part of an ongoing investigation into a nationwide online Ponzi scheme worth Rs 1,000 crore. According to authorities, the Solar Techno Alliance (STA-Token), which had an online presence in multiple countries, was illicitly running a pyramid-style scheme under the guise of cryptocurrency investments.
On September 13, the Odisha Economic Offences Wing (EOW) announced its intention to interrogate Bollywood actor Govinda as part of an ongoing investigation into a nationwide online Ponzi scheme worth Rs 1,000 crore. According to authorities, the Solar Techno Alliance (STA-Token), which had an online presence in multiple countries, was illicitly running a pyramid-style scheme under the guise of cryptocurrency investments.
Reports initially suggested that Govinda was endorsing the company's activities in promotional videos, leading to plans for his questioning. However, Govinda's manager has since clarified that the actor is not connected to the case in any way.
Govinda's involvement in promotional videos has drawn attention in the context of the online Ponzi scam investigation led by EOW.
His manager Shashi Sinha told ETimes that "half baked news has been circulated in the media". He added that the actor has got nothing to do with it.
"Govinda had gone through an agency for an event and returned we have nothing to do with the business or branding of it. All half baked news has been published in the media," said Sinha.
Last month, the EOW made significant arrests, including Gurtej Singh, the country head of the Ponzi firm, and Norod Das, its Odisha chief.
On August 16, Ratnakar Palai, an influential member within STA with a substantial downline of members (referred to as down-line members in MLM/pyramid-based schemes), was apprehended by the investigating agency.
According to an official statement from the EOW, the company is believed to have amassed Rs 30 crore from approximately 10,000 individuals in various Odisha regions, including Bhadrak, Keonjhar, Balasore, Mayurbhanj, and Bhubaneswar.
In a related development, the Bureau of Immigration issued a lookout circular for David Gez, a Hungarian national who led the Ponzi firm. The firm allegedly enticed individuals on social media to invest in cryptocurrency and actively encouraged its members to recruit more investors.
Pexels (Representational image)
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