POLICE BUST ANOTHER PONZI SCAM

NOIDA: Inspired by Anubhav Mittal’s Ablaze Info Solutions Pvt Ltd, Webwork Trade Links Pvt Ltd was established in September 2016. The company duped over 40,000 investors of over Rs 260 crore in past five months. During police interrogation, the arrested directors of the company revealed how they invested the money lured from the investors.

The Noida-based click bait firm Webwork Trade Links Pvt Ltd was simply circulating the money collected from the investors into in other businesses, which meant there was no actual business carried out by the company.

Dr Gaurav Grover, Assistant Superintendent of Police, Noida, said “The two directors are under police remand and will in the court on Monday. We have succeeded to find out important information during interrogation.”

“Keeping in mind the large number of investors who suffered under the Ponzi scheme, we have issued an email Id and have insisted them to make their complaints to us on cccinoida.org. The victims can also directly come to police station in Noida sector 6 and can register their complaints against the company,” said Dinesh Yadav, Superintendent of Police, Noida.

During interrogation, the two directors told the police that in December, they stopped taking payments in the form of RTGS from investors and insisted them to make payments through drafts. The police have recovered around 1,250 such bank drafts worth

Rs 260 crore was raised by the company in past five months, out of which Rs 141 crore was paid back to them. The company was not into any contract with advertising agency or celebrity

Rs 6 crore from the company’s office.

“They established the company on September 5 last year. Mittal’s company was claiming to pay ‘Rs 5 per like’ to its members, so they decided to pay ‘Rs 6 per like. Around Rs 260 crore was raised by the company in past five months from the investors, out of which just Rs 141 crore was paid back to them. The company was not into any sort of contract with advertising agency or celebrity.

However, it invested about Rs 7 crore in advertisements including hotel bookings and making payments to Nawazuddin Siddique and Shahrukh Khan who were seen with the company’s director and were hired for the promotion of the company,” said Dinesh yadav, SP, Noida.