Noida online scam: Bank deposits worth Rs 544 cr frozen

Bank deposits worth nearly Rs 544 crore of Ablaze Info Solutions and its owner Anubhav Mittal have been frozen in the alleged ponzi scam, according to the government.

The alleged Rs 3,700 crore ponzi scam was perpetrated by seeking fraud social media 'likes' from investors by the Noida-based firm.

The Enforcement Directorate has taken up investigation under provisions of Prevention of Money Laundering Act against Ablaze Info Solutions.

Minister of State for Finance Santosh Gangwar informed the Lok Sabha that the company's owner "Anubhav Mittal and his colleagues Shreedhar Prasad and Mahesh Dayal have been arrested by the Directorate and are under judicial custody".

"The bank account of Ablaze Info Solutions Pvt Ltd and Anubhav Mittal amounting to Rs 543.82 crore have been seized.

The role of bank officials in the matter is under examination," he said in a written reply.

In a separate written reply, Gangwar said the government has received various complaints regarding cheating of small investors, particularly by the companies "involved in ponzi/ chit fund/ multi level marketing activities".

Based on the complaints, he said the Corporate Affairs Ministry has ordered investigation by the SFIO into the affairs of 185 such companies in the last nearly four years.

PTI RAM .