Bhubaneswar: The OPID Court, Cuttack, has rejected the bail petition of Gurtej Singh, India Head of STA Crypto Token who was arrested from Ganganagar in Rajasthan on August 4 this year and produced before the court on August 8.
After bringing Singh on transit remand, he had moved the Presiding Officer, Designated Court under OPID (Odisha Protection of Investor’s Deposits), Cuttack, for bail which was rejected by the court on December 6. After perusal of FIR, statement of witnesses recorded u/s 161 CrPC and 164 CrPC as well as other materials advanced by the prosecution, the Court was pleased to hold that a prima facie case is disclosed against the accused petitioner Gurtej Singh that he being the country head of STA token not only involved in fake STA crypto token but also illegal money circulation and financial fraud by gaining crores of rupees by duping investors to invest their money in STA token under the guise of cryptocurrency.
Further, 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 established receipt of ill-gotten money from STA’s illegal Ponzi scheme. The accused petitioner being the country head was promoting STA token from Zoom meetings and is also linked to the co-accused David Gez, a Hungarian national.
Besides, the accused petitioner Gurtej Singh, a resident of Punjab, is alleged to have been involved in serious economic offences not only affecting the interest of the public at large but also the economy of the country.
