The fraudulent operation revolved around a cryptocurrency project named STA Crypto Token, which deceptively claimed to harness solar technologies and blockchain innovation.
As reported by The Indian Express on August 8, this article delves into the intricate details of the scam, the arrests of its key figures, and its broader implications for the cryptocurrency landscape.
The audacious Ponzi scheme orchestrated under the guise of the STA Crypto Token has finally been exposed and disrupted by Indian law enforcement agencies.
Operating without approval from regulatory authorities, the scam targeted approximately 200,000 victims, amassing an astonishing Rs 1,000 crore (10 billion rupees or $120 million) in ill-gotten gains.
Authorities have taken decisive action in apprehending the masterminds behind the STA Crypto Token Ponzi scheme.
Gurtej Singh Sidhu, the ringleader, and his accomplice Nirod Das have been arrested by the Economic Offence Wing of the Odisha police.
Sidhu’s attempts to evade capture by frequently changing locations were ultimately thwarted by law enforcement persistence.