This Noida ponzi scam worth Rs 3,700 crore is bigger than Saradha
This ponzi scam is huge and in terms of numbers beats the infamous Saradha chit fund case as well. It was a Rs 3,700 crore ponzi scam that the Enforcement Directorate busted in Noida. The ED attached assets worth Rs 599 crore from the Noida-based firm which allegedly promised money in exchange for likes on the social media.
The ED issued a provisional order against Ablaze Info Solution Private Limited, the firm owned by the alleged kingpin of this case Anubhav Mittal. The assets were attached under the Prevention of Money Laundering Act and included bank balances in 14 accounts totalling Rs 543.81 crore, a fixed deposit of about Rs 52 crore lying with a Hyderabad-based mobile payment gateway company and a Villa in Jaypee Greens, Greater Noida worth Rs 3.6 crore.
ED officials said that Mittal had collected several thousand crore of rupees from the customers of his company by false inducements and later siphoned off the same by means of generating false or bogus bills/invoices with the assistance of various persons.
The scam was first unearthed by the Uttar Pradesh police. The probe was then handed over to the ED. During the probe, the ED learnt that there was a huge increase in the number of transactions from March 2016 onwards. A turnover of more than Rs 40 crore was achieved during a month. Around 6.5 lakh customers were cheated of an estimated Rs 3,700 crore. This is way higher than the Saradha scam which was worth Rs 2,500 crore.