According to media reports, the Odisha Economic Offences Wing (EOW) is reportedly set to question Bollywood actor Govinda as part of its investigation into an Rs 1,000 Cr online ponzi scheme.
The actor endorsed a company called Solar Techno Alliance, which is said to have illegally run an online scam pretending to be a cryptocurrency investment opportunity.
The company collected deposits from thousands of people in India without proper authorisation from the Reserve Bank. Actor Govinda was questioned in relation to his endorsement of the company in certain videos, but he is not a suspect or accused in the case.
A ponzi scheme is a fraudulent investment scheme where earlier investors are paid with the money from newer investors. When there aren’t enough new investors, the scheme collapses. Ponzi schemes related to cryptocurrency are not new. GainBitcoin in India is one of the largest ponzi schemes globally, causing thousands of investors to lose their money.
The government is taking action against online scams involving cryptocurrencies. The Enforcement Directorate (ED) has seized Rs 1,144 crore and arrested 20 people in cases related to fraud with virtual digital assets.
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