Uttar Pradesh, Special Investigation Team- SIT will probe in to the 3700 crore online scam which was busted by STF branch of police last Thursday. Director General of police Javeed Ahmad has set up a team under the supervision of IG crime branch, Bhagwan Swaroop.
A Special Task Force (STF) of UP police on Thursday busted an online trading scam worth over Rs. 3,700 crore in which around 6.5 lakh people were cheated on the pretext of getting money for clicking on web pages. The task force has arrested three persons including the main accused Anubhav Mittal so far and sealed the bank accounts of the company located in Noida.
STF on Thursday busted an alleged online trading scam worth over Rs. 3,700 crore in which around 6.5 lakh people were cheated on the pretext of getting money for clicking on web pages.
The task force has arrested three persons so far and sealed the bank accounts of the company — Ablaze Info Solutions Limited, located in Noida Sector-63 — which had a total balance of Rs. 500 crore.
"We have arrested the company's owner, Abhinav Mittal, its COO Sridhar Prasad and technical head Mahesh Daya. Mittal has a B.tech degree and Sridhar is an MBA degree holder," said Special Task Force SSP Amit Pathak.
"The company has accounts in several banks and some bank employees are also under scanner. We will soon initiate action against these officials. We have informing ED, SEBI and RBI about the fraud," Mr. Pathak added.
The victims of the fraud said that the company's owner portrayed himself as the "Mark Zuckerberg" (Facebook owner) of the country. He had launched a social networking site to lure the customers. The victims said that the company even claimed to be starting its own private bank to deal with the customers as the size of its transactions was growing rapidly.