Noida ponzi scheme: ED registers fresh PMLA case against Anubhav Mittal
Enforcement Directorate on Tuesday registered fresh PMLA case against Anubhav Mittal in connection with Noida online trading scam worth Rs 3700 crores.
Mittal, owner of the Ablaze Info Solutions Limited, had been arrested for duping over six lakh investors.
According to reports, Mittal's company did promote social media penetration and internet popularity for small-time businesses by 'likes' on Facebook. He attracted investigators with weekly returns and promised bonus for bringing potential investors to the page.
The client had to do was invest a one-time amount and click 'likes' on Facebook and start receiving weekly payments; also receive bonus for bringing new investors.
As per investigating agencies, Mittal propagated a false story that the promotional webpages linked on the international social media portals pay Rs 6 per 'Like' out of which they pay Rs 5 to the investor.
The Uttar Pradesh STF had unearthed the scam and arrested Anubhav Mittal, its CEO Sridhar and the technical head Mahesh. Subsequently, ED conducted searches in various cities across Uttar Pradesh after it registered a money laundering case in Lucknow.
The scam is believed to be many more times in value than the Saradha chit fund scam of West Bengal and Assam which was pegged to about Rs 2,500 crore.