3,700cr Noida Ponzi scam: ED raids 5 premises in 3 cities

Recently, a Ponzi scam was busted in Noida and they promised returns for hitting "likes" online. This is now the subject of a multi-agency investigation.

Recently, the Enforcement Directorate conducted raids at five premises in Noida, Ghaziabad and Kanpur related to Anubhav Mittal, the 26-year-old kingpin of the scam, his wife Ayushi and four companies they ran - Ablaze Info Solutions Pvt Ltd, Social Trade Pvt Ltd, 3W Digital Pvt Ltd and Intmaart Pvt Ltd.

The fraud was estimated to be of Rs 3,700 crore and the income tax department, Serious Fraud Investigation Office (SFIO) and Hyderabad Police have also started their own investigations into this.

The ED raid came after its Lucknow office registered a case under the anti-money laundering Act.

Additional director of ED's Lucknow zone Rajeshwar Singh told ET, "Searches have resulted in recovery of incriminating documents."