Now central agencies going to put cases on Social trade company.After scam busted police register cases and arrested MD and other Directors.Now ED conducted raids at the business and residential premises of the owners of the said firm and others in Noida, Ghaziabad and Kanpur, officials said adding “incriminating documents”, that reveal assets worth crores of rupees of the accused, were seized.
They said the Enforcement Directorate’s zonal office here registered a criminal case under the Prevention of Money Laundering Act (PMLA) based on an FIR of the UP police’s Special Task Force (STF) which unearthed the alleged illegal ponzi or multi-level marketing scam few days back.
The accused persons propagated a false story that the promotional web pages linked on these international social media portals pay Rs 6 per likes out of which they pay Rs 5 to the investment/user, the agency said.
The ED said the accused also “promoted four systematic investment plans offering various incentives depending upon the investment made by the user.ponzi schemes were run by Ms Ablaze Info Solutions Private Ltd, Ms Social Trade India Pvt Ltd, Ms 3W Digital Pvt Ltd and Ms Intmaart India Pvt Ltd,” it said.
The agency will soon prepare to attach the assets of the accused and the firm under PMLA laws in order to protect the interest of the investors who were allegedly cheated.
The agency, they said, will also write to the banks from where Mittal, his firm and associates were conducting their transactions.
After busted this scam police investigating that how the company operated and collected money from Allover India and assured to make safe investors investments.