26 year old Anubhav Mittal, B.Tech graduate along with his three teammates were arrested for $550 Million online fraud scam that cheated 7 lakh people.
26-Year-Old Techie Makes $550 Million By Fooling 7 Lakh People
Hacking stuff is the standard thing for tech savvy users. We are now familiar with the word hacking and scamming. Well, no one is safe on the internet. However, the incident happened a few days ago will leave you speechless.
Uttar Pradesh Special Task Force on Friday busted three people for $550 Million online fraud scam that cheated 7 lakh people. 26 Year old Anubhav Mittal, B.Tech graduate along with his three teammates were arrested.
The team fooled 7 lakh people into giving their money through a Ponzi scheme that guaranteed big returns just for hitting “Likes” online. The fraud scheme operated through a network of suspicious URLs sent to phones of subscribers, where the fraudsters asked the subscribers to click on the link.
The firm Mittal founded was named Ablaze Info Solutions Private Limited, and it promised to pay the subscribers Rs. 5 every time they clicked on the link. However, there was just one condition; the subscribers had to invest a fixed amount to be eligible. The company claimed that they are still making a profit of Rs.1 on the clicks.
This is what tricked more than 6 lakh people into giving him their money. Special Task Force found that over 6.5 people had deposited over $550 Million in Ablaze Info Solutions Private Limited accounts using over 9 lakh IDs.
The Special Task Force has also informed the Reserve Bank of India (RBI), the Income Tax department and market regulator SEBI about the case.
So, what do you think about these type of scams? Share your views in the comment box below.