The Economic Offences Wing of Odisha Police arrested a 45-year-old man in alleged connection with the $120-million crypto ponzi scheme involving the Solar Alliance (STA) Token. The accused was identified as Ratnakar Palai and he was arrested on August 18, 2023, police said.
According to reports, Palai is believed to be a close aide of two other accused in the scam =– Gurtej Singh Sidhu and Nirod Das. Both Das and Sidhu were arrested on August 7, 2023.
Palai was handling the social media accounts of STA. In the past, he has also launched a YouTube channel where he allegedly promoted the STA token.
Describing Palai’s modus operandi, police said that he and his accomplices would dupe people through social media by inviting them to invest in the STA token. The duped people would then be encouraged to get others to enroll in the programme in exchange for rewards. The incentives that people would get for their referrals would depend on how successful they were in bringing additional members. Till now, over 200,000 people have been duped in the scam while the accused managed to raise over $120 million through their fraudulent activities.
Palai allegedly also owns an educational venture called ‘Learn to Earn’. However, he shut down all his ventures after Sidhu and Das’ arrest.
Earlier this week, police also arrested a Dutch national over his alleged links with the scale. “Police are trying to find out more about the individuals in question,” EOW Inspector General JN Pankaj was quoted as saying in a media report. According to analysts, the development in the investigation is unlikely to have any impact on live cryptocurrency prices or the Top 10 cryptocurrencies.
Disclaimer: This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
