Socialtrade MD Arrested…Scam busted

Socialtrade.biz company duped its members and not able to pay to the members.The police arrested three persons- Anubhav Mittal, Sridhar Prasad and Mahesh Dayal from Sector 63 in Noida and seized nearly Rs 500 crore from them.

The accused used to run a portal ‘socialtrade.biz’ under which an investor had to pay anything between Rs 5,750 to Rs 57,500 in the company’s account to become the member and earn Rs 5 per click.The portal was launched in August 2015 and offered four different ‘packages’ to the investors to earn money.After paying the money to the company, the investors were asked to like pages and click on the links they were sent.The company claimed it earned Rs 6 for every click and gave Rs 5 of it to the investors. However, the links sent by the company were fake, police said.

The firm was registered under the name of Ablaze Info Solutions Pvt Ltd. in Noida and the accused used to constantly change the portal’s name.So far the firm defrauded over 6.5 lakh people collecting around Rs 3,700 crore, police said.Anubhav Mittal, who is said to be the kingpin, holds a B.Tech degree and hails from Ghaziabad. Prasad is from Visakhapatnam and Dayal is from Mathura in Uttar Pradesh.Besides seizing Rs 500 crore from a bank, police have seized various documents including the balance sheet of the company, list of directors and other officials and list of investors.Socilatrade misguide customers with their false certificates and links.Some of the companies are promoting like this which customers have to check before responding..

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