eow: Cryptocurrency Scam: Economic Offences Wing exposes Rs 1,000 crore fraud spanning across India
The Economic Offences Wing of the State Crime Branch has uncovered a nationwide cryptocurrency scam run by STA Token, a company that lured more than 2 lakh people and collected more than ₹1,000 crore under the guise of cryptocurrency investments. The company was alleged to be involved in unlawful multi-level marketing, and money circulation without Reserve Bank of India authorization. Two of the company's officials, Gurtej Singh Sidhu and Nirod Das, were arrested for orchestrating the Ponzi scheme, and the EOW seized their accounts, which had unusual cash deposits exceeding ₹15 crore.
Source: indiatimes.com