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Online trading fraud dupes 7 lakh people of Rs. 3700 cr (Relevant for GS Mains Paper III, Topic: High vulnerability of India to online frauds)

The Uttar Pradesh Special Task Force (STF) busted an alleged online trading scam worth over Rs. 3,700 crore in which nearly seven lakh people were duped on the pretext of getting money in lieu of clicking on specific links.

Details of fraud
The STF detected the fraud by Noida-based Ablaze Info Solutions Private Limited which was operating through online portal http://Socialtrade.biz and later changed to http://Frenzzup.com.The company to lure people by asking them to deposit money and earn money by liking facebook pages by clicking on the links they send.

The company used to offer Rs. 5 per like to investors and claim they used to get Rs. 6 from the concerned companies for every like. However, the links sent to them were fake.



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