Friday, June 2, 2017

The accused Anubhav Mittal (2nd from right) and Sridhar Prasad (left) were arrested by the Uttar Pradesh Special Task Force (STF) for an online trading scam worth over Rs 3,700 crore, in Noida.

Rs 3,700-cr ponzi scheme: Investors in Noida firm could get back their money

Lakhs of people who were allegedly duped of an estimated Rs 3,700 crore by a Noida-based company might get back part of the money they had invested in the click-to-earn scheme.

Lakhs of people who were allegedly duped of an estimated Rs 3,700 crore by a Noida-based company might get back part of the money they had invested in the click-to-earn scheme, an investigating officer said on Saturday.

Investigating agencies probing the scam by Ablaze Info Solutions Limited have frozen two bank accounts with deposits of more than Rs 500 crore. Besides they have also seized other assets worth crores of rupees owned by Anubhav Mittal, the arrested founder and director of the company.

Uttar Pradesh police have received more than 400 complaints, some from abroad, in the last two months over non-payment of dues by the company.

“The good news for investors is that we have seized Rs 524 crore in banks and also assets worth several crores. This money will be used to pay back to those who have made investments to the company. But this job will be carried out by the court not by police,” said Amit Pathak, the senior superintendent of police, special task force.

Besides Mittal, the company’s CEO Shridhar Prasad and technician Mahesh Dayal are in also in jail over the alleged fraud, said to be one of the biggest online scams busted in the country.

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