Veteran actor Govinda may be questioned in connection with Ponzi scheme

Economic Offence Wing, Odisha will seek to know the nature of actor’s involvement in the Ponzi scheme, which involves ₹1,000 crore and 2 lakh investors

September 15, 2023 12:43 am | Updated 07:31 am IST - BHUBANESWAR:

Bollywood actor Govinda may be questioned in connection with Ponzi scheme. File

Bollywood actor Govinda may be questioned in connection with Ponzi scheme. File | Photo Credit: ANI

The Economic Offence Wing (EOW) of Odisha Police may summon veteran actor Govinda for his alleged involvement in promotion of Solar Techno Alliance (STA), a Ponzi scheme, through which many gullible investors had allegedly lost their investment.

The STA is said to be one of the largest crypto currency-based Ponzi schemes in India that involved ₹1,000 crore and 2 lakh people. Last month, the EOW, Odisha had unearthed the scam arresting Gurtej Singh Sidhu (40), the India head of STA.

The STA is headed by one David Gez, a young Hungarian national who had visited India multiple times, while Sidhu was said to have reached the top level of STA’s Pyramid structure (Kohinnor leadership in STA language).

Mr. Govinda was the chief guest STA’s glittering promotional event held in Goa on July 30 this year. At the luxurious star hotel, more than 1,000 up-line members including many from Odisha were present. The investigation revealed Govinda had also released some video promoting or endorsing the STA.

“Promoters had spent ₹1.3 crore. The participation of the Bollywood Actor Govinda had helped create trusts among potential investors,” said Sasmita Sahoo, Deputy Superintendent of Police of EOW.

“We may summon Mr. Govinda for questioning here or a team of EOW could go to his place for quizzing. Basically, we want to know his nature of involvement in the Ponzi scheme and who are the person those came in contact with him,” said Ms. Sahoo.

She said, “Our investigation has clearly established that STA is a Ponzi scheme. Some topline investors had earned huge amount of money at expense of investors in the downline of STA’s Pyramid structure.”

Launched in 2021, the STA Crypto operated through website and social media accounts. It was said to be a one stop solar technology service that enabled users to order anything they like from the nearest farmers in shortest amount of time using block chain technology.

Not authorised by Reserve Bank of India or any other authorities to collect deposits, the STA used to run a huge Ponzi multi-level marketing scheme in the garb of crypto token. Members were promised that they would earn US $20 to 3,000 per day if they would continue with this scheme and add more members under them.

It is estimated that more than 10,000 people from Odisha were members of this scheme. This scheme has more than 2 lakh members in India, mainly from the states like Punjab, Rajasthan, Bihar, Jharkhand, Haryana, Delhi, Madhya Pradesh, Maharashtra, Odisha and Assam.

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.