Bhubaneswar, Oct 2: OPID Court, Cuttack has rejected the bail application of two top leaders
of Solar Techno Alliance (STA) crypto-PONZI scam —Nirod Kumar Das and Ratnakar Palai.
The court rejected the bail applications of Nirod and Ratnakar on September 16 and 23 last respectively, EOW Bhubaneswar office sources said here on Monday
EOW sources said Nirod Kumar Das ( Odisha Head of STA) and Ratnakar Palai were arrested of Bhubaneswar on August 6 and 15 respectively U/s 420 / 467 / 468 / 471 / 120-B IPC read with 4, 5
& 6 of PCMCS ( Banning Act ) and Sec 6 of OPID Act.
The principal accused Gurtej Singh Sindhu, country head of STA is still in Judicial Custody.
During investigation, it was ascertained that Nirod Kumar Das, the Odisha Head of STA, had used
his referral link to add 21000 downline members under him and in the process had amassed huge amount of wealth
It was ascertained about Rs 31.23 crore and cash deposit of Rs 2.10 crore was transacted in three
of accounts in the relevant period.
He had also rented a posh office in Bhadrak to run STA and was holding regular meetings to induce innocent persons to be his down line member.
Ratnakar Pallai, 45, is an important and up-line member of STA is very close to Gurtej Singh and Nirod Das. He is an M.Tech in IT from Karnataka University, Bangalore and claims to be an international speaker, entrepreneur and investment guru.
He is also propaganda head/ social media influencer of STA in Odisha. He used to run a YouTube channel for wider publicity of this scheme and runs an institute ‘’Learn to earn’’ in Bhubaneswar to promote the benefits of investing in STA toke. He is member of some other such dubious scams too which is under scrutiny.
He had visited Goa along with Nirod to participate in STA celebration.
The accused Ratnakar Palai has invested more than Rs 60 lakhs of the ill-gotten money in purchasing plots in Bhubaneswar.
And maintained accounts in several Banks at Talcher and Bhubaneswar.
A total transaction of Rs 1.3 crore has taken place in the above mention accounts in the relevant period.
An amount of Rs 3.75 lakhs was frozen from five Bank accounts of Ratnakar Palai.
Investigation of the case is continuing.
