A 26-year-old BTech graduate fooled over 6 lakh individuals into giving him their money via a Ponzi system that assured big profits for hitting ‘likes’ on the internet. In just one year, Anubhav Mittal’s Social Trade unearthed a scam of Rs 3,700 crore.
The system managed through a maze of suspicious URLs (online links) deliver to phones of members that they were asked to click. Many times, these would be links to Facebook or Twitter users of other members. A fake web server was setup in which these links would terminate.
The company’s Director Anubhav Mittal and his two associates –Shridhar Prasad and Mahesh Dayal, were caught by a UP Police’s Special Task Force (STF) following complaints were registered against the firm at Noida Phase 3 and Surajpur police stations in Greater Noida.
They had made a fake company known as Ablaze Info Solutions Private Limited that managed from there.
Noida has witnessed a set of call centre scam busted within the past few years but this is the 1st racket to make light that used ‘like-trading’ for a fake scheme and floated a fraud of this level. Acquiring likes is popular practice among organizations that want to look better on social networking.