Indian Authorities in Odisha state busted a crypto scam worth Rs 1000 crore. Fraudsters stated STA Crypto Token used blockchain technology and solar technology.
According to the reports, fraudsters successfully scammed 200,00 individuals by convincing them to invest in the scam. The Indian Authorities arrested the two fraudsters Gurtej Singh Sidhu the head of the project and Nirod Das one of his partners.
One of the inspectors stated that they have been chasing Gurtej for a while and he has been escaping from arrest and changed multiple locations to manipulate them. When they investigated their accounts they found that almost Rs 30 crore (3.6 million) transactions has been done in their account.
They have tracking this Ponzi scheme for a while and they also disclosed that they carried out operations in many locations. But customers were unable to deposit because of restrictions by the RBI (Reserve Bank of India).
The Ponzi firm followed the MLM scheme which is always considered a scammers scheme. According to the authorities, this firm organized many events like expensive lunch, dinner, and hotel stays parties which would make newcomers believe that this is a genuine firm that would make firstcomers invest in this hoping to make money in billions.