UP STF busts online fraud worth Rs 3700cr; 3 held

Noida: In a major crackdown, the Uttar Pradesh Special Task Force (STF), on Thursday busted a gang from Noida Sec 63 who had gulped Rs 3700 crore in the name of online trading.

Three people have been arrested including the owner of the company Abhinav Mittal and further investigation is on.

A company named Ablaze Info Solutions Limited runs a web portal with the url social trade.biz. Company collected Rs 3700cr under the scheme "earn Rs 5 per click", where investors were asked to pay Rs 5,750 to Rs 57,500 for being a member over the portal.

Police seized the company's bank accounts after tracking around Rs 500 crore.

To mislead and evade arrest, the company officials used to change the url of the website such as: freehub.com, intmaart.com frenzzup.com, 3W.com etc.

SSP Amit Pathak (UP STF) said, "Preliminary investigations suggest that nearly 7 lakh people have been cheated by the company and piled Rs 3700cr in their accounts."