Submit :
News                      Photos                     Just In                     Debate Topic                     Latest News                    Articles                    Local News                    Blog Posts                     Pictures                    Reviews                    Recipes                    
Noida man dupes over 6 lakh people of Rs 3,700 crore in 'pay per click' scam
On Thursday, a Special Task Force of Uttar Pradesh police unearthed an online trading scam by a company Ablaze Info Solutions Limited worth over Rs 3,700 crore.

The kingpins of the scam have duped around 6.5 lakh people on the pretext of getting money for clicking on web pages.

The three persons arrested are the company's owner, Its COO and its technical head.

"We have arrested the company's owner, Abhinav Mittal, its COO Sridhar Prasad and technical head Mahesh Daya. Mittal has a Btech degree and Sridhar is an MBA degree holder," Special Task Force SSP Amit Pathak said.

"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 informed ED, SEBI and RBI about the fraud," Mr Pathak added.

The police have said that so far the company has done business of over Rs 3,700 crore.

The police have arrested three persons in connection with the case and have sealed the bank accounts of the company. Reportedly, these bank accounts had a total balance of Rs 500 crore.

"We have written a letter to the authorities concerned to stop transaction of Rs 524 crore of the company. We wanted to continue our probe for another week, but the information of our investigation reached the company top brass and they had started to transfer money to other accounts," Mr Pathak said.

According to the police, the company's business grew from Rs 1 lakh in 2011 to Rs 3,700 crore between 2012 and 2016.

The company would offer a scheme of earning Rs 5 per click and duped around 6.5 lakh people with it. An investor was supposed to pay an amount ranging from Rs 5,750 to Rs 57,500, in the company's account to become a member after which the company promised him Rs 5 per click on links provided by the company.

Once a member, the customer would be provided a username and a password to access the websites mentioned by the company. The company would promise them to give them 5 rupees per click and in case a customer referred more people to the scheme, the company would pay additional money to him.

The accused used various identities to evade arrest and had floated various companies to run their business.,,,, were some of the sites the accused would use.

The company would even pay back some of its customers as it noticed that paying back some money was helping them to lure more people but the flow of cash then got meager and eventually stopped altogether.

Email Id
Verification Code
Email me on reply to my comment
Email me when other CJs comment on this article
Sign in to set your preference
merinews for RTI activists

Not finding what you are looking for? Search here.