The accused constantly changed their company’s name to evade arrest. Some of the companies they floated to dupe people aresocialtrade.biz,freehub.com,intmaart.com,frenzzup.com, 3W.com. The police said they received a complaint against the company that it was cheating people under ponzi scheme.
“The criminals used public money to buy properties and luxury cars. They regularly partied at five-star hotels in the name of promotional activities. They had also planned to visit Australia with their important customers, who brought huge business,” Mr Pathak said.
Not only semi-literate people but also highly educated ones, invested their hard-earned money in the company. The victims of the fraud included many IT, media professionals and doctors among others. To win the confidence of the customers, the company used to ask for online funds transfer and paid the money back into their account online.
According to the police, the company initially stopped payments to the customers, but when it noticed that returning some money was helping them lure more people, it started paying back some of them.
“The company avoided dealing in cash, so I confidently invested my money. The company had big plans, which sounded possible. The police action has been a shock for us. Like me, lakhs of other people invested their money in the company,” said Rahul Kumar, a Noida-based professional.
