A Special Task Force (STF) of Uttar Pradesh police on Thursday busted an alleged online trading scam worth over Rs. 3,700 crore in which around 6.5 lakh people were cheated on the pretext of getting money for clicking on web pages.
The task force has arrested three persons so far and sealed the bank accounts of the company — Ablaze Info Solutions Limited, located in Noida Sector-63 — which had a total balance of Rs. 500 crore.
“We have arrested the company’s owner, Abhinav Mittal, its COO Sridhar Prasad and technical head Mahesh Daya. Mittal has a B.tech degree and Sridhar is an MBA degree holder,” said Special Task Force SSP Amit Pathak.
“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 informing ED, SEBI and RBI about the fraud,” Mr. Pathak added.
