Cuttack: The Economic Offence Wing (EOW) of Odisha Crime Branch took Gurtej Sigh Sidhu and Nirod Das, arrested in connection with Rs 1000 Crore crypto-ponzi scam, on a three-day remand for interrogation.

The duo was produced before the OPID Court in Cuttack on Monday. The EOW had appealed to the court seeking five-day remand of the accused persons for interrogation in the scam. However, the court granted a remand for a period of three days to the investigative agency.

The EOW has unearthed the country's biggest crypto-ponzi scam with the arrest of two persons including Gurtej Sigh Sidhu, India head of one cryptocurrency-based ponzi firm 'STA Crypto token'. He was arrested from Sri Ganganagar, Rajasthan.

Sidhu frequently changed his location in places like Goa, Lonavala, Mumbai, Delhi, Faridkot, Bhatinda, Hanumangadh and Sri Ganganagar. An EOW team led by DSP Sasmita Sahoo was tracking his movement in different locations.

According to EOW, the STA had duped investors of more than Rs 1000 Crore across the country alluring them of high profits.

Both Sidhu and Nirod Das, Odisha head of the crypto-ponzi firm, have been booked under sections 420/467/468/471/120-B of IPC and sections 4/5/6 of PCMS Act.

Read: Odisha EOW unearths country's biggest crypto-ponzi scam; STA's India head among 2 arrested

According to reports, the cryptocurrency-based ponzi scheme was active in Odisha especially in Bhadrak, Balasore, Bhubaneswar, Mayurbhanj, Jajpur, Kendrapara and Keonjhar districts following which the EOW conducted an inquiry. During investigation, it was found that the company with help of its members were using various propaganda tools to persuade people to join the scheme alluring them of high returns in a very short time.

During investigation, it was found that members have started using the STA token like a legal tender in their day-to-day business. It is estimated that more than 10,000 people from Odisha have already been members of this scheme. This scheme/scam has more than 2 lakh members (Pan India) mainly in the states like Punjab, Rajasthan, Bihar, Jharkhand, Haryana, Delhi, Madhya Pradesh, Maharashtra, Odisha and Assam.