The Cuttack OPID Court on Monday rejected the bail petition of Gurtej Singh, the country head of STA Crypto Token, who has been arrested from Rajasthan by the Economic Offences Wing (EOW) of the Odisha Police in August 2023.
Singh was arrested for his alleged involvement in the fake STA crypto tokens, illegal money circulation and financial fraud. Investigators found that the company and its officials gained crores of rupees in illegal manner by duping investors to invest their money in STA token under the guise of crypto currency but in reality it is an online illegal ponzi scheme which is prohibited by Reserve Bank of India (RBI).
“There were illegal monetary transactions to the account of the accused petitioner Gurtej Singh and also to the account of his relatives which prima facie establish receipt of ill-gotten money from STA illegal ponzi scheme,” the EOW said.
Being the country head, Singh was promoting STA token from zoom meetings and is also linked to co-accused David Gez, a Hungarian national.
The bail applications of other co-accused Nirod Das and Ratnakar Pallai have also been rejected by the Cuttack OPID Court. Co-accused Sushil Tudu, who was arrested from Jharkhand, is also in custody, the agency added.
