BAIL PETITION OF GURTEJ SINGH, OF STA CRYPTO TOKEN REJECTED BY OPID COURT
Bureau,Odishabarta
Bhubaneswar:Shri Gurtej Singh, India Head of STA Crypto Token who was arrested from Ganganagar, Rajsthan on 04.08.2023 and was produced before the Hon’ble OPID
Court, Cuttack on 06.08.2023 after bringing him on the strength of transit remand, had moved the Hon’ble Presiding Officer, Designated Court under OPID (Odisha Protection of Investor’s Deposits), Cuttack for bail which was rejected by the Hon’ble Court vide order dt.06.12.2023.
After perusal of FIR, statement of witnesses recorded u/s 161 CrPC and 164 CrPC as well and other materials advanced by the prosecution, the Hon’ble Court in the above order 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 in illegal money circulation and financial fraud by gaining crores of rupees in illegal way by duping investors to invest their money in STA token under the guise of crypto currency but which is in real as revealed from investigation is an online illegal Ponzi scheme which is prohibited by Reserve Bank of India.
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 establish receipt of ill-gotten money from STA illegal Ponzi scheme.
The accused petitioner Gurtej Singh being the country head was promoting STA token from zoom meetings and is also linked to co-accused David Gez, a Hungarian National.
Besides, the accused-petitioner Gurtej Singh, a resident of Punjab alleged to have been involved in serious economic offence not only affecting the interest of public at large but also the economy of the country.
From the above fact and circumstances, gravity of offence and so also the punishment prescribed for the offence alleged against the accused-petitioner Gurtej Singh, the Hon’ble Court was not inclined to allow the accused-petitioner to be released on bail, and rejected the bail application.
The bail applications of other co-accused persons Nirod Das and Ratnakar Pallai have also been rejected by the Hon’ble Court under OPID, Cuttack. Co-accused Sushil Tudu who was arrested from jharkhand is also in custody.
