Solar Techno Alliance Scam: $120.00M Reported Loss
Legal authorities in the Indian state of Odisha have successfully busted a $120 million (Rs 1,000 crore) cryptocurrency Ponzi scheme.
- Reported loss
- $ 120,000,000
- Attack category
- Scam
Incident Overview
Two central figures in the fraudulent operation have been arrested. The project in question is called The Solar Techno Alliance (STA), using terms like green energy and solar technology. The investigation found that STA, with the assistance of online members, used various persuasive tactics and promises of profits in a short period of time to attract people to participate in the scheme, with more than 10,000 participants in Odisha alone. The investigation revealed that STA was not authorized by RBI, RBI or other regulators to accumulate deposits.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.