In a surprising turn of events in the cryptocurrency industry, the Odisha police’s Economic Offences Wing (EOW) is currently investigating Bollywood actor Govinda for his alleged involvement in a fraudulent cryptocurrency scheme. The investigation stems from Govinda’s attendance at a promotional event for Solar Techno Alliance (STA-Token) in Goa back in July. While STA presented itself as a cryptocurrency, it was actually operating as a multi-level marketing scheme.
The EOW is now considering summoning Govinda for questioning and is planning a team visit to Mumbai to shed light on his association with STA’s promotional activities. Deputy Superintendent of Police Sasmita Sahoo mentioned that Govinda’s exact role in the crypto scam will become clearer as the investigation progresses, and he may be treated as a witness in the ongoing case.
However, Govinda vehemently denied any involvement in the cryptocurrency Ponzi scheme during an interview with TOI. EOW officials are scheduled to travel to Mumbai to interrogate the actor regarding his alleged connection to the fraudulent cryptocurrency scheme.
In response to the allegations, Govinda made it clear 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 has not supported or favored anyone in such matters.
The EOW recently uncovered the deceptive cryptocurrency scheme orchestrated by STA and arrested its mastermind, Gurtej Singh Sidhu, from Punjab. Unlike legitimate cryptocurrencies, STA operated as a multi-level marketing operation, relying on recruiting new investors to sustain its operations.
The fraudulent scheme promised daily earnings ranging from $20 to $3,000 to participants who acquired STA crypto tokens and held them for five years.
Sidhu now faces charges of cheating, forgery, and criminal conspiracy under the Indian Penal Code (IPC) and relevant sections of the Prize Chits and Money Circulation Banning Act. The EOW is intensifying its efforts to locate and apprehend STA leaders in several states, as more victims come forward to report their losses. The authorities are building a strong case against those responsible for the fraudulent scheme.