The Enforcement Directorate, along with the Uttar Pradesh police's Special Task Force (STF), unearthed a ponzi or multi-level marketing scam wherein fraudsters allegedly cheated about 6.5 lakh investors of an estimated Rs 3,700 crore.
The STF, after it received more than 4,500 complaints through email, has arrested three persons in the online fraud scam, which is set to revive the memories of the infamous Rs 2,500 crore Saradha chit fund scam of West Bengal and Assam.
The UP STF received complaints from several parts of the country and an investigation team from Hyderabad, related to a case registered there, also collected the data from the UP STF in the case.
The STF also arrested Anubhav Mittal, the owner of the company, its CEO Sridhar and technical head Mahesh last week. More details of the investigation are expected to be out on Monday.
Later, the UP STF shared data with the Income Tax department and the Enforcement Directorate in connection with the ponzi scam. FIRs are being filed against the company.
UP STF ASP Amit Pathak said a team met Income Tax officials and shared the data collected from the Noida-based company and also analysed the data jointly.
Based on an FIR of the UP STF, the ED has registered a money laundering case and sought details from the STF team for further probe.