Uttar Pradesh STF (Special Task Force) has busted one of the biggest online frauds claimed to be almost ₹3,700 crores. The whole scam was being run under the pretense of online trading. Three people have been arrested and police is investigating further to find out other culprits.
Preluding investigations revealed that Ablaze Info Solutions Limited victimized around 7 lakh people and raised an investment of approximately Rs 3,700 crore from them under the ‘Earn Rs 5 per click’ scheme. The suspects of Noida Online Fraud have run an online website named socialtrade.biz where they collected the amount of ₹5,750 to ₹57,500 into the company’s bank account to become the member.
“The accused persons were running a web portal — social trade.biz — where an investor has to pay from ₹5,750 to ₹57,500 in the company’s account to become the member and earn Rs 5 per click. So far, we managed to track around ₹500 crore and already seized the company’s bank accounts,” police said.
The UP Police said that they have tracked around Rs. 500 crores and announced that they have already seized the company’s bank account.
Located in Noida Sector-63, the company used to bounce their names in order to escape any legal and intelligence traps. Some of the companies they bounced to gull people are: socialtrade.biz to freehub.com, intmaart.com frenzzup.com, 3W.com etc.