Noida Man Dupes 6 lakh People Of Rs 3,700 Crore In ‘Social trade’ Scam
UP Special Task Force has unearthed one of the biggest online frauds claimed to be around Rs 3,700 crore which was being run under the guise of online trading.
Three people have been arrested from Sector 63 in Noida and seized nearly Rs 500 crore from them alleged to have duped nearly 7 lakh people through an online portal ‘socialtrade.biz’.
The accused used to run a portal ‘socialtrade.biz’ where an investor has to pay from Rs 5,750 to Rs 57,500 in the company’s account to become the member and earn Rs 5 per click. After paying the money to the company, investors were given 25, 50, 75 and 125 URLs on their phones every day, based on the ‘subscription plan’. Registered members were promised a commission on bringing more members under the scheme.
The portal was launched in August 2015 and offered subscription money ranging from Rs 5,750, Rs 11,500, Rs 28,750 and Rs 57,500.
The firm was registered under the name of Ablaze Info Solutions Pvt Ltd. in Noida and the accused kept changing the portal’s name. Some of the companies they floated to dupe people are: socialtrade.biz to freehub.com, intmaart.com frenzzup.com, 3W.com etc.