In a surprising development in the cryptocurrency sector, the Economic Offences Wing (EOW) of the Odisha police is investigating Bollywood actor Govinda’s potential involvement with a fraudulent cryptocurrency scheme. Govinda attended a promotional event for Solar Techno Alliance (STA-Token), which disguised itself as a cryptocurrency but operated as a multi-level marketing scheme in Goa in July.
EOW To Summon Govinda Over Alleged Role in Crypto Scam
The EOW is contemplating summoning Govinda for questioning through a team visit to Mumbai, to shed light on his association with STA’s grand function. The actor reportedly played a visible role in the promotion of the company through videos and promotional material.
Deputy Superintendent of Police Sasmita Sahoo stated that Govinda’s exact role in the crypto scam will become clearer after further investigation, and he may be considered a witness in the ongoing case.
However, in an interview with TOI, Govinda strongly refuted any involvement in a cryptocurrency Ponzi scheme currently under investigation by the Economic Offences Wing (EOW) of the Odisha police. EOW officials are set to travel to Mumbai to interrogate the actor regarding his purported connection to the cryptocurrency scam.
In response to these allegations, Govinda categorically stated that he has never participated in any advertising campaigns, endorsements, promotions, or public appearances on behalf of any individual or entity. He emphasized that he neither supported nor favored anyone in such matters.
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EOW Cracks Down on Multi-Level Marketing Scam
Last month, the EOW uncovered the deceptive cryptocurrency scheme orchestrated by STA and arrested its mastermind, Gurtej Singh Sidhu, a 40-year-old individual from Punjab. In stark contrast to legitimate cryptocurrencies, STA functioned as a multi-level marketing operation, relying on recruiting new investors to sustain its operations.
The fraudulent scheme promised investors daily earnings ranging from $20 to $3,000 if they participated in the program and acquired STA crypto tokens, which were supposed to be held for five years to yield substantial returns.
Sidhu now faces a series of charges, including cheating, forgery, and criminal conspiracy, under the Indian Penal Code (IPC) and relevant sections of the Prize Chits and Money Circulation Banning Act.
EOW officials are intensifying their efforts to locate and apprehend STA leaders in various states, including Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar, Punjab, and Rajasthan. With an increasing number of victims coming forward to report their losses, the authorities are building a strong case against those responsible for the fraudulent scheme.
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