Noida, Feb 3: Three members of a Noida-based fraud company were arrested by the Uttar Pradesh Police’s Special Task Force (STF) on Thursday for duping 7 lakh people of over Rs 3,700 crore in one of the biggest online trading scams. Also Read - Beware of KYC Fraud: SBI Alerts Customers, Know How to Protect Yourself From Online Fraud

STF Senior Superintendent of Police (SSP) Amit Pathak said, “The number of victims by this bogus company has crossed over 7 lakh people who have been duped of their hard-earned money to the tune of a whopping Rs 3,700 crore, and the number may increase as the investigation is going on.” Also Read - Online Fraud: Downloading App Costs Bengal Scientist Rs 2 Lakh

Company owner Abhinav Mittal of Ghaziabad and two of his accomplices — Shridhar Prasad of Noida, and Mahesh Dayal of Mathura district — have been arrested, said the SSP. Also Read - Woman Fraudulently Uses Ratan Tata's Car Number, Case Exposed After Challan Sent to His Office

The gang was busted after some people who felt cheated lodged a complaint against the company situated at Noida Sector 63 and Surajpur police stations in Greater Noida, following which investigation was taken up, the SSP said.

How it happened?

The accused firm, Ablaze Info Solutions Limited, cheated gullible investors on the pretext of providing digital marketing solutions. The gang members had devised a unique modus operandi. They used to entice the unsuspecting investors to earn huge profit with a deposit of Rs 50,000 to Rs 60,000 in exchange of linking them to social trade business portals. The glib talkers trapped the investors, who hoped to reap hefty dividends on their deposits.

The proprietors of Ablaze Info Solutions Limited promised a good return under the name of “Earn Rs 5 per click”. They used to trap people to sign up for their social trade website claiming themselves as social media exchange websites.

Once the money was invested into the account of the company, the scamsters used to provide a username and a password to the investors and allowed them access to the website. They won the confidence of the investors by transferring money into their accounts after every click by them, said a police official involved in the probe.

Investors were asked to click on particular links daily and they transferred money in some of their clients’ accounts on the basis of the number of clicks.

The catch was that they coaxed people in roping in others to join this lucrative scheme. The company initially rewarded those with additional money who linked more people into the scheme.

According to a senior officer, Social Trade Biz have similar companies with different names and websites such as FreeHub –, Int Maart –, Social Trade –, 3W – and many other websites. The three have been booked under the IPC 420/406 and further investigations are going on.