A Hindi-language video has surfaced online claiming that Indian authorities have released Gurtej Singh Sidhu, one of the alleged masterminds of the scam. The video shows the alleged perpetrator at the airport to head home. The police have not provided any official findings on this matter.
Against the background of these rumors, the rate of the STA token increased by almost 40%, reaching $0.00054. Solar Techno Alliance STA tokens were launched in September 2021. The project was intended to combine renewable energy with blockchain technology.
Indian law enforcement officials claim that Sidhu led the Solar Techno Alliance organization, promising high daily returns on investments: from $20 to $3,000. As a result, the creators of the fraudulent scheme with STA tokens managed to attract about 1,000 crore rupees (about $120 million).
The Odisha Economic Offenses Branch took part in uncovering this scam. It was revealed that Sidhu had created an illegal network for domestic and international money transactions. Authorities arrested him on charges of fraudulent activity, which Sidhu disguised as an innovative cryptocurrency project. The court has repeatedly rejected his request for bail due to the gravity of the crime.
Let us recall that in early May, Indian police confiscated $10.5 million worth of crypto assets associated with the E-Nuggets gaming application, which also guaranteed users high profits from investments in cryptocurrencies.
Source: Bits
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