The court has denied bail to Anubhav Mittal in the infamous 37 billion online scam. The Special Task Force (STF) has now submitted a plea to take Mittal into remand, which will be heard by the court in seven days.
Denial of Mittal's Bail Application In the highly publicized 37 billion online fraud case, the CJM Court has denied Anubhav Mittal's bail application while deciding to adjourn the hearing for another seven days. Meanwhile, the STF has filed an application for Mittal's remand.
Complaints Surge to 8,000 Complaints about fraud via social trading in this online scam are increasing. So far, there have been 8,000 complaints filed against Mittal and his company, not just from India but also from countries like Nigeria, Muscat, and Kenya.
Where Did the 30 Billion Rupees Go? Has over 30 billion rupees from the 37 billion online scam been sent abroad? Sources from Uttar Pradesh's Special Task Force (STF) and the Enforcement Directorate (ED) have speculated on such possibilities regarding the Ponzi scheme run by Anubhav Mittal under the guise of social trading. Financial accounts linked to Mittal's company have only managed to seize 4.8 billion rupees from Canara Bank and 440 million rupees from Yes Bank.
STF Recovers Only 5.24 Billion Anubhav Mittal's Ponzi scheme halted investor returns by December. At this point, the transfer of funds to new bank accounts began. Funds from the Axis Bank account in Rajnagar, Ghaziabad, were transferred to Yes Bank in the same locality, followed by Kotak Mahindra Bank. Eventually, these funds moved to Canara Bank. All of Mittal's ten bank accounts were situated in different banks within Rajnagar. The STF managed to seize 4.8 billion rupees from Canara Bank and 440 million rupees from Yes Bank.
Company Names Changed When investors started demanding their money and filed complaints, Mittal began operating under new company names. In December, Social Trade.biz was migrated to Freehub.com. Ten days later, it was changed to Intmart.com, and on January 27, Intmart.com was migrated to Frenzup.com.
Employees Were Handsomely Paid To portray Ablaze Info Solutions Pvt Ltd as a legitimate company, Anubhav Mittal employed over 100 people, offering lucrative salaries. Directors earned five hundred thousand rupees, while the Chief Operating Officer was paid two hundred fifty thousand rupees a month. Technical/support staff received forty thousand rupees monthly. Mittal allocated two million rupees for IT maintenance, in addition to a monthly rental payment of two million rupees.
