The Bureau of Immigration (BOI) has issued a look out circular (LoC) against David Gez, a Hungarian national who is the head of a crypto-ponzi firm. The firm, called STA Token, is accused of scamming investors out of their money by operating a ponzi scheme. They collected around Rs 1,000 crore from two lakh people across India without authorization from the Reserve Bank of India.
The Economic Offence Wing (EOW) in Odisha requested the BOI to issue the LoC as they are investigating the alleged scandal. The EOW has registered a case against STA Token under different sections of the IPC and The Prize Chits and Money Circulation Schemes-Banning) Act.
There is also another foreigner, a Dutch national, who is being looked into for involvement in this scam, according to an official.
David Gez, the head of STA Token, entered India twice in 2022-23 on a tourist visa.
