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Online trading fraud dupes 7 lakh people of Rs 3700 cr; 3 held

LUCKNOW/NOIDA: Uttar Pradesh Special Task Force (STF) today busted an alleged online trading scam worth over Rs 3,700 crore in which nearly seven lakh people were duped on the pretext of getting money in lieu of clicking on specific links.

STF detected the fraud by Noida-based Ablaze info solutions Private Limited which was operating through online portal http://Socialtrade.Biz and later changed to http://Frenzzup.Com, a senior police official said here.

The Noida-based company’s Director Anubhav Mittal, CEO Sridhar and technical head Mahesh Dayal were arrested and an FIR was lodged at Soorajpur police station in Noida, he said.

The task force has also sealed the bank accounts of the company, based in Sector 63 here, which had a total balance of Rs 500 crore, the Special Task Force’s ASP Amit Pathak said.

The company used to lure gullible people by asking them to take their package from Rs 5,750 to Rs 57,500 and earn money by liking pages and clicking on the links they send. (AGENCIES)

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