In one of the biggest online frauds to be uncovered in recent times, the UP Special Task Force (STF) has busted a staggering 3,700 crore online fraud. The fraudsters were using the business of online trading as a cover for their fraudulent activities. The UP STF has already arrested 3 people and further investigations are being carried out.
As per preliminary investigations, it has been revealed that the company named Ablaze Info Solutions Limited, located in Noida Sector-63, has duped an unbelievable 7 lakh people, luring them with an irresistible scheme wherein they could “Earn Rs 5 per click”. The fraudsters were running a web portal – socialtrade.biz, and through this website, they would ask people to invest anywhere between Rs 5,750 to Rs 57,500 to be able to become eligible to participate in the “Earn Rs 5 per click” scheme. Since the scheme seemed quite lucrative, lakhs of gullible people fell for it and lost their hard earned money. Overall, the fraudsters have cheated people to the tune of Rs 3,700 crore, as per initial estimates provided by officials.
The police have already tracked down Rs 500 crore and seized the company’s bank accounts. Police officials said that the fraudsters were quite resourceful, as they would constantly keep changing the names of their companies and also the portals they were running. Some of the portals the fraudsters have been using include socialtrade.biz, freehub.com, intmaart.com, frenzzup.com, 3W.com etc.