Rs 3,700 crore online trading fraud busted in Noida
An online trading fraud to the tune of Rs 3,700 crore was busted by the Uttar Pradesh special task force. The syndicate is alleged to have targeted 7 lakh people. A company by the name Ablaze Info located in Noida promised good returns for investments and duped 7 lakh people to the tune of Rs 3,700 crore, the task force had said.
The scheme floated by them was called "Earn 5 per click." Investigations found that the accused had got people to sign up on a website for Social Trade Website. Once the people signed in they would be asked to deposit money ranging between Rs 5,750 and Rs 57,500.
Once the money was deposited a login and password would be provided. Once logged one would need to click on the various links available. The investors would be given money based on the number of clicks. Further the investors were also told that they would get more money per clicks if they referred people to the website. The police say that at first all investors were paid well. Later on the sum paid became lesser and eventually stopped.