Ponzi Scam Govinda: Manager Clarifies Actor Name involvement in Rs. 1000 Cr Scam

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Story: The Odisha Economic Wing (EOW) on September 13 said that they will question actor Govinda regarding the Rs. 1000Cr online Ponzi Scam. The actor is neither accused nor associated with the Ponzi Scheme, but he was found to be endorsed by the company. Govinda’s manager reacted to the reports and claimed them to be false.

The authorities said that the Solar Techno Alliance (STA- Token) has an online presence in several countries. It was illegally using a pyramid structure online Ponzi scam to get crypto investment.

Ponzi scam Govinda is not about the actor being the operator of the scheme, but he reportedly endorsed the company’s operations. He has done some promotional videos. Therefore, he would be questioned according to that. The actor’s manager called the report misleading.

Manager Reacts to Govinda Ponzi Scam

According to the reports, Govinda’s name is involved in questioning by the EOW in the Online Ponzi Scam. Ponzi scam is nothing but promising its members higher returns, but in reality, they don’t have any business. To survive for a few days, they pay their old member from the money received by the new member. The actor was found to be endorsing the company’s work in promotional videos.

Govinda’s manager, Shashi Sinha, said it is a ‘half-baked News’ been circulated in the media.

“Govinda has got nothing to do with the case. Govinda had gone through an agency for an event and returned. We have nothing to do with the business or branding of it. All the half-baked news has been published in the media.” he added.

What EOW Authorities Have Said in Ponzi Scam Govinda?

DSP EOW Bhubaneswar Sasmita Sahu said, “After receiving intelligence from higher courts, we have started the investigations against STA. As per the allegations, the STA has launched its token, named STA token, which has been promoted at the local level in Bhadrak as a Ponzi scheme or multi-level marketing scheme in which people are asked to join STA by adding members under them, so the allegations said it’s a chain system in which members get benefits and get lucrative returns on adding new members in their down line.”

He added, “EOW Bhubaneswar conducted the initial inquiry, and the allegations proved true. Mr Nirod Kumar Das of Bhadrak is the Odisha head of STA and he has added more than 5/6 thousand members in the name of STA making an office in the initial. He conducts meetings to induce members to be part of STA to motivate them. The company’s country and Odisha heads, Gurtej Singh Sidhu and Nirod Das, respectively, were arrested on August 7. Ratnakar Palai, an important member of STA having huge number of members below him (known as down-line members in the MLM/pyramid-based schemes/scams), was nabbed on August 16.”

“The company also offered an incentive to members to build the networks, sources said. During the investigation, we came to know that they were conducting a mega event where Bollywood star Govinda was invited as a chief guest on July 30, 2023. A team of EOW left for Goa where the event took place. As Govinda has been invited there as a chief guest, we want to take his view. And the person who contacted him for the mega event. Then we would be able to get more information from him,” Sahu added.