Noida Ponzi scam: ED raids five locations in Uttar Pradesh

LUCKNOW: Probing the Noida Ponzi scam, enforcement directorate on Sunday carried out raids at five places in Kanpur, Noida and Ghaziabad simultaneously. The searches took place between 10.30am and 4.30pm at all the five locations.

On February 1, special task force of UP police arrested three persons from sector 63, Noida, including the director of Ablaze Info Solution Pvt Ltd,

Anubhav Mittal

.

Accused of swindling Rs 3,700 crore from 6.50 lakh investors, Mittal offered money to individuals for liking, increasing traction and promoting certain webpages over the Internet. To start making Rs 5 per like, interested internet users were asked to pay up subscription fee which ranged between Rs 5,750 and Rs 57,500.

As the amount of money defrauded ran into hundreds of crores, ED’s Lucknow zonal office started conducting probes having registered a case against the firm under Prevention of

Money Laundering

Act.

Probes revealed that multilevel marketing and Ponzi schemes were run by four firms Ablaze,

Social Trade Pvt Ltd

,

3W Digital Pvt Ltd

and Intmaart Pvt Ltd. Anubhav Mittal and Ayushi Agarwal were found to be running the four companies.

Additional director of ED’s Lucknow zone, Rajeshwar Singh confirmed raids were conducted at five places. “Searches have resulted in recovery of incriminating documents,” he said. Sleuths were probing the assets where Mittal had invested the money. The documents seized from Mittal’s NCR office revealed huge sum of money had been laundered through different routes.