Social Trade scam: Accused Anubhav Mittal remanded in 5-day police custody

Uttar Pradesh Special Task Force (UP STF) had unearthed online trading scam and arrested Mittal and two others on February 2. Photo: ABP News

NOIDA: Anubhav Mittal, the main accused in Rs 3700 crore online trading scam in the name of 'social trade', was on Wednesday remanded in five-day police custody by a court.  Civil Judge (Junior division) granted Mittal's custody to police, which will now question him about the scam. Uttar Pradesh Special Task Force (UP STF) had unearthed online trading scam and arrested Mittal and two others on February 2. The Enforcement Directorate's (ED) zonal office in Lucknow registered a criminal case under the Prevention of Money Laundering Act (PMLA) based on an FIR of the UP STF to probe the alleged Rs 3,700 ponzi scam case perpetrated by seeking fake social media 'likes' from lakhs of gullible investors by Mittal's Noida-based firm. The ED conducted searches and raids, in various UP cities, at the business and residential premises of the owners of the firm and seized incriminating documents, that reveal assets worth crores of rupees of the accused. The UP STF had arrested the owner of the company Anubhav Mittal, its CEO Sridhar and the technical head Mahesh. Modus Operandi of the accused according to their business scheme as alleged were that through their web portal they promoted a scheme where by liking the webpage, which were fictitiously shown associated to international social media groups like Google and Facebook, the users will earn money. “The accused persons propagated a false story that the promotional web pages linked on these international social media portals pay Rs 6 per likes out of which they pay Rs 5 to the investment/user,” the agency said. ALSO READ: EXCLUSIVE: Freedom of the press is vital, but must be used responsibly, says Shashi Tharoor The ED said the accused also “promoted four systematic investment plans offering various incentives depending upon the investment made by the user.” “The multi-level marketing and ponzi schemes were run by Ms Ablaze Info Solutions Private Ltd, Ms Social Trade India Pvt Ltd, Ms 3W Digital Pvt Ltd and Ms Intmaart India Pvt Ltd,” it said. The agency added all these firms were the “brain child” of Mittal and others.