Govinda under scrutiny: Bollywood star's link to ₹1,000 crore cryptocurrency scam revealed
The actor participated in an event hosted by Solar Techno Alliance (STA-Token), which operated as a multi-level marketing scheme. This event took place in Goa in July, during which he actively endorsed the company through promotional videos.
Highlights
- Bollywood actor Govinda faces investigation in a ₹1,000 crore cryptocurrency scam linked to STA-Token
- STA-Token, initially posing as a cryptocurrency, turns out to be a fraudulent multi-level marketing scheme promising high daily earnings
- Legal action intensifies with arrests and a growing number of victims reporting losses, as authorities work to establish a clear money trail
- The actor’s manager has denied all the allegations
In a surprising turn of events, Bollywood actor Govinda may find himself in the spotlight for his association with a cryptocurrency scheme that has turned out to be a massive fraud. The Economic Offences Wing (EOW) of the Odisha police is considering interrogating the actor in connection with a ₹1,000 crore fake cryptocurrency scam involving Solar Techno Alliance (STA-Token). Here's what we know so far.
Govinda's connection with STA-token
Govinda attended a promotional event for STA-token, which claimed to be a cryptocurrency but was, in fact, a multi-level marketing scheme. The event took place in Goa on 30 July. EOW officials are contemplating summoning Govinda to Bhubaneswar for questioning or sending a team to Mumbai to investigate his involvement in the grand function hosted by STA-token.
Sasmita Sahoo, the EOW Deputy Superintendent of Police, stated that Govinda's precise role in the case would be determined through the investigation, and he might even be considered a witness.
The STA-token scam unveiled
The EOW recently exposed the STA-token scam and apprehended its alleged mastermind, Gurtej Singh Sidhu, a 40-year-old from Punjab. Unlike legitimate cryptocurrencies, STA-Token operated as a multi-level marketing scheme, where new investors were encouraged to bring in more participants to sustain the scheme.
Investors were promised daily earnings ranging from Rs 1600 to Rs 25000, provided they joined the scheme and acquired STA crypto tokens, which were purportedly to yield substantial returns over five years. Sidhu has been charged with various offences, including cheating, forgery, and criminal conspiracy, under the Indian Penal Code (IPC) and the Prize Chits and Money Circulation Banning Act.
EOW officials are actively pursuing the STA-token leaders in states such as Madhya Pradesh, Chhattisgarh, Jharkhand, Bihar, Punjab, and Rajasthan. As more victims of this fraudulent scheme come forward to report their losses, EOW authorities are diligently working to establish a clear money trail between the deceived investors and STA-token.
Once this trail is established, they plan to submit a comprehensive chargesheet that will shed further light on the extent of the scam and those involved. In other words, Govinda's unexpected involvement in the STA-token cryptocurrency scam has raised eyebrows, and EOW's investigation aims to unravel the truth behind his association with the fraudulent scheme.
Meanwhile, authorities are determined to bring all perpetrators to justice and provide restitution to the victims who fell prey to this elaborate financial deception.
