BHUBANESWAR: Solar Techno Alliance (STA), accused of running ponzi schemes and swindling around Rs 1,000 crore across the country, continues to lure depositors to invest money in the firm claiming its senior executive Gurtez Singh Sidhu of Punjab’s Faridkot has been detained by Economic Offences Wing (EOW) of Crime Branch over tax evasion.
EOW had arrested Gurtez and STA’s Odisha head Nirod Das earlier this month for their alleged involvement in ponzi and crypto token scams. In a bid to control the damage, the other officials of the ponzi firm are uploading videos on various social media claiming Gurtej will be released by August 16.
“Gurtez’s associated are uploading videos on social media claiming he has been detained and not arrested for an insignificant tax evasion committed by Nirod and he will be released after interrogation,” said Jai Narayan Pankaj, EOW IG.
A written request has been sent to two to three exchanges, which have listed STA’s crypto token, to remove it. Efforts are on to ensure people do not further invest in the crypto token and STA’s other ponzi schemes, said Pankaj.
Gurtez’s WhatsApp chats indicate he was sending $15,000 (`12.44 lakh) every month to another senior official of STA, David Gez, a native of Hungary. EOW’s initial investigation suggests David has been active since the last one year and before him, a Netherlands national was vigorously taking part in the operations of the firm.
EOW has requested the Bureau of Immigration (BOI) to issue a lookout circular against David. As not a significant amount of money was found in the bank accounts of Gurtez, the agency has requested the Financial Intelligence Unit to share his investment-related details, if any.
“Five to six other officials of STA are holding most of the firm’s tokens. The investigation is continuing and further action will be initiated accordingly,” said Pankaj. Meanwhile, EOW is questioning Gurtez and Nirod during their five-day remand.
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