Amidst the dynamic digital landscape, Odisha Police has once again exhibited its unwavering commitment to safeguarding citizens. In a resounding victory, they unearthed a colossal cryptocurrency fraud amounting to ₹1,000 crore, arresting the prime perpetrators behind this audacious scheme. This triumph stands as a testament to the indomitable spirit of Odisha Police under the visionary leadership of the Government of Odisha’s esteemed Chief Minister Shri Naveen Patnaik.
The operation saw the apprehension of Gurtej Singh Sidu, the mastermind behind the insidious STA Crypto Token, along with Nirod Das, a key figure within its Odisha unit. These arrests, orchestrated with meticulous precision, highlight the dedication and prowess of Odisha Police in tackling sophisticated cybercrimes that have far-reaching consequences.
Operating under the guise of enticing cryptocurrency prospects, the scam targeted unsuspecting victims from diverse corners of the nation, spanning Delhi, Jharkhand, Rajasthan, and beyond. The scam’s tentacles even reached the heart of Odisha, impacting more than 10,000 individuals who fell prey to its allure.
The fraudsters behind this malicious scheme employed an elaborate pyramid structure, luring individuals to invest in crypto coins under the STA Crypto Token façade. These victims were not only encouraged to part with their hard-earned funds but were also coerced into drawing more individuals into the scheme, creating a cascade of deception. The orchestrators amassed vast sums of currency through these exploitative tactics.
Economic Offence Wing IG, JN Pankaj, elucidated, “Odisha (EOW) has dismantled a sprawling multimedia, pyramid structure, Ponzi scam… The magnitude of this scam has led to investments exceeding ₹1,000 crores, affecting more than 2 lakh individuals nationwide. Impressively, this endeavor has touched lives in Odisha, Bihar, Delhi, Jharkhand, Rajasthan, Madhya Pradesh, and Haryana.”
The meticulous unraveling of the scam involved the persistent pursuit of the mastermind, who continually shifted his location across various cities. Guided by the tenacious DSP Sasmita Sahoo, Odisha Police ensured that no stone was left unturned in their quest for justice.
The initial lead to this nefarious scheme was provided by the intelligence wing, which illuminated the operation’s presence in Odisha’s districts, including Bhadrak, Balasore, Bhubaneswar, Mayurbhanj, Jajpur, Kendrapada, and Keonjhar. STA Crypto Token’s influence had spread through a network of up-line members who tirelessly propagated the scheme’s false promises.
One of the most concerning aspects of the scam was the fraudulent integration of STA Token into daily transactions, misleading people into considering it a legitimate form of currency. The scheme roped in over 10,000 individuals from Odisha alone, showcasing the widespread impact of this deception.
The Ponzi scheme, known as Solar Techno Alliance (STA), portrayed itself as a versatile blockchain-based platform, enticing people with promises of quick and substantial earnings. While employing various channels such as YouTube, social media, and elaborate celebrations, the fraud network managed to attract members from diverse states.
Undoubtedly, the STA scheme lacked essential authorizations and regulatory clearances, with red flags including its unverified RBI status and the discrepancy between its Iceland-based website and India-centric operations. These critical oversights served as glaring indicators of the scheme’s fraudulent nature.
As a proactive measure, the Odisha Police issued a stern advisory to the public, urging caution and vigilance against falling prey to such schemes promising instant wealth. The advisory underscores the significance of conducting thorough due diligence before investing and underscores the need to validate the credentials of any company.
In the saga of unraveling the ₹1,000 crore cryptocurrency scam, Odisha Police emerges as the beacon of justice, fortifying the values of integrity, diligence, and commitment. This feat stands as a tribute to the leadership of Chief Minister Naveen Patnaik, whose visionary guidance empowers law enforcement to safeguard the welfare of citizens and uphold the principles of a just society.
Prasanta Patnaik