With the arrest of three persons, the Uttar Pradesh Special Task Force busted a gang of fraudsters who allegedly cheated 7 lakh people to the tune of Rs 3,700 crore through a online trading site.
The task force has also sealed the bank accounts of the company, based in Sector 63 here, which had a total balance of Rs 500 crore, the Special Task Force's ASP Amit Pathak said.
The accused duped people on pretext of providing digital marketing solutions and had collected money from as many as 7 lakh people under this ponzi scheme, he said.
The arrested accused included the company owner Abhinav Mittal and his two accomplices -- Shridhar and Mahesh, he added.
Informing about the modus operandi of the fraudsters, Pathak said they used to get people to deposit of Rs 50,000 to Rs 60,000 in exchange of linking them to social trade business portals.
Some of the members had complained against the company at Noida Phase 3 and Surajpur police stations in Greater Noida following which action was taken, the ASP said.
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