Govinda to be interrogated in Ponzi Scheme Scam for brand endorsements
Authorities at the EOW reportedly claimed that Govinda is neither now a suspect or an accused person, according to a news source. Only because he had promoted STA in a few videos would he be interrogated, and the authorities would try to glean further information about the fraud from his testimony.
The Odisha Economic Offences Wing (EOW) will shortly interrogate Bollywood star Govinda as part of their investigation into the Rs 1000 crore online Ponzi fraud. According to reports, the actor supported the business that was determined to be responsible for the pan-India fraud.
Reports suggest, STA obtained deposits from more than 2 lakh people throughout India totalling about Rs 1,000 crore without any permission from the Reserve Bank of India (RBI). 10,000 individuals in Bhadrak, Keonjhar, Balasore, Mayurbhanj, and Bhubaneswar contributed a total of Rs 30 crore to the firm. The business reportedly urged customers to sign up other investors while simultaneously enticing them to invest money. The corporation gave them a financial incentive to create a network chain and informed the depositors that the amount of interest and bonus they would get depended on how many new investors they were able to bring on board.
According to sources, a business called Solar Techno Alliance, which has offices in a number of different nations across the world ran an internet Ponzi scheme under the guise of cryptocurrency investing.
Investors from Bihar, Uttar Pradesh, Punjab, Rajasthan, Haryana, Delhi, Jharkhand, and other states have made deposits amounting to lakhs with them. According to reports from the Times of India, quoting authorities from Odisha EOW, the Bollywood star apparently appeared in a few advertisements for the company and will now be questioned for more information to help with the investigation.
According to reports, the business raised a staggering Rs 1000 crore by collecting deposits from more than 2 lakh people without the permission of the Reserve Bank of India.
Authorities at the EOW reportedly claimed that Govinda is neither now a suspect nor an accused person, according to a news source. Only because he had promoted STA in a few videos would he be interrogated, and the authorities would try to glean further information about the fraud from his testimony.
Govinda’s attendance at a major event organized by STA
As a result of Govinda’s attendance at a major event organized by STA in Goa in July of this year, a team from the Odisha EOW will shortly arrive in Mumbai to interview the actor about his relationship with the business.
A team would soon be dispatched to Mumbai to interview the actor, according to EOW Inspector General J. N. Pankaj, who informed the daily. If the EOW determines that the Bollywood actor’s participation was restricted to acting as a product endorser in accordance with the business arrangement, Pankaj said, they would call the actor as a witness in the case. “We will make him a witness in our case,” Pankaj said. “If we find that his role was limited to only endorsing the product (STAToken brand) as per their business agreement.”
On August 7, the EOW detained the organization’s national and Odisha leaders, Gurtej Singh Sidhu and Nirod Das, respectively. Ratnakar Palai, an investment advisor located in Bhubaneswar, was detained on August 16 due to his claimed connections to Gurtej Singh Sidhu. For their suspected involvement in the scheme, lookout circulars have also been issued against the company’s CEO David Gez, a Hungarian, and three other Indian executives from Rajasthan, Krishna Kumar, Anil Kumar, and Bhoora Ramfor.
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