35,000 page chargesheet filed in Noida Ponzi scheme scam

The officials of a special investigating team (SIT), probing Noida’s alleged Ponzi scheme scam, on Monday filed a chargesheet against six persons in a Gautam Budh Nagar court.

The chargesheet runs into nearly 35,000 pages and includes bank statements packed in boxes and case diaries, which were submitted before the court.

The officials said that the chargesheet was filed against Anubhav Mittal and his wife Ayushi, both directors of Ablaze Info Solutions, along with Anubhav’s father Sunil, who was the former director of the company.

Three three other accused chargesheeted include Ablaze Info Solutions company’s CEO Shreedhar Prasad, technical head Mahesh Dayal and Atul Mishra, a relationship manager from a private bank.

“We have levied sections of cheating, forgery and those under the provisions of Prize Chits and Money Circulation Schemes (Banning) Act, 1978. We have maintained that the officials of Ablaze induced people and tempted them into making ‘quick and easy money.’ The other inducement for the customers was to add more people in the chain down the line,” said Rajiv Narayan Mishra, additional superintendent of police, Uttar Pradesh-STF.

Barring Ayushi, who has obtained a stayfrom Allahabad High Court, the other suspects have already been arrested.

“Investigations have revealed that the company (Ablaze) had no other sources of revenue other than membership fee. This is a feature of all Ponzi schemes. Fees from all the new members was distributed to pay the old members. We have also included the liquidation of money into several other firms. The liquidation money runs up to more than Rs 10 crore and was allegedly paid in name of services. This amounts to siphoning of funds as there were no services found in physical terms,” he added.