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Bollywood megastar Govinda under the EOW scanner for possible crypto fraud

In this post:

  • Govinda is under investigation by the EOW for his possible association with the fraudulent crypto scheme Solar Techno Alliance.
  • The mastermind behind the scam, Gurtej Singh Sidhu, has been arrested, promising investors high returns through the scheme, which turned out to be a multi-level marketing operation.

In a recent twist to the tumultuous world of cryptocurrencies, Bollywood icon Govinda finds himself caught in a legal quagmire. The Economic Offences Wing (EOW) of the Odisha police is deep-diving into the actor’s potential ties with Solar Techno Alliance (STA-Token) – a front for a multi-level marketing operation that falsely projected itself as a cryptocurrency entity.

Govinda’s association with the crypto scheme

Reports suggest that the actor made a notable appearance at an STA promotional event held in Goa in July, raising eyebrows about his involvement in this enterprise. Evidence of his endorsement, such as promotional videos and material spotlighting Govinda, further fuel suspicions. Sasmita Sahoo, Deputy Superintendent of Police, explained that clarity regarding Govinda’s role would emerge as investigations advance and emphasized that he might be positioned as a witness in the unfolding case.

However, Govinda has been proactive in dispelling these rumors. In an exclusive interaction with TOI, the actor firmly denied any association with the fraudulent cryptocurrency operation that is currently under the microscope of the EOW. He clarified, “I have never been a part of any advertisement campaigns, promotions, or public events for any person or entity. My stance remains neutral, and I have not endorsed or favored anyone in such matters.”

Despite his fervent denials, the EOW is not letting up. Reports indicate that officials from the wing are preparing to visit Mumbai with the primary aim of questioning Govinda on his alleged connections with this dubious scheme.

The scam unearthed

Delving deeper into the scandal, last month, the veil was lifted off STA’s operations. Unlike legitimate cryptocurrencies that function based on decentralized technology, STA was an MLM strategy at its core, heavily dependent on continuously recruiting investors to remain afloat.

The brains behind this operation, Gurtej Singh Sidhu, sold dreams of massive returns to unsuspecting investors. They were enticed with daily earnings that spanned from a modest $20 to an extravagant $3,000, contingent upon their participation in the program. The catch? Investors were required to purchase and hold onto STA crypto tokens for five years to witness the promised substantial returns.

However, this house of cards collapsed when the EOW took Sidhu into custody. A resident of Punjab, Sidhu now finds himself battling charges that span from cheating and forgery to criminal conspiracy, as laid out by the Indian Penal Code (IPC). The authorities have also invoked the Prize Chits and Money Circulation Banning Act in this case.

EOW’s manhunt for STA leaders

The scheme’s expansive web spread far and wide, ensnaring victims from multiple states, including Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar, Punjab, and Rajasthan. As more victims step into the light, sharing their harrowing experiences and reporting their financial losses, the pressure mounts on the EOW to bring the perpetrators to justice.

Officials are now intensifying their manhunt, zeroing in on STA’s leadership that might be spread across the states, as mentioned above. With each arrest, they hope to peel back the layers of this intricate operation and safeguard the interests of the defrauded investors.

Conclusion 

While the world of cryptocurrencies has been praised for its potential, it has also been a breeding ground for scams, reminding investors of the importance of diligence. As for Govinda’s role, only time and thorough investigations will reveal the depth, if any, of his involvement.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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