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Noida online ponzi scam: 2 core team members arrested

Press Trust of India  |  Greater Noida 

The Special Task Force today arrested two more persons in connection with the alleged Rs 3700 crore ponzi scam which was perpetrated by promising huge returns to investors for liking links on the internet.

The STF had in February detected the by Noida-based Ablaze Info Solutions Private Limited and arrested three persons.

The force today arrested Pramod Kumar Solanki, a resident of Hapur, and Pramod Kumar Vimal, who hails from

On receiving inputs about Solanki and Vimal's presence in the city, SSP UP STF Amit Pathak formed a team and the duo was arrested from near the Yamaha crossing.

Solanki told the STF that he had set up a firm named Solanki Enterprises, asked several innocent persons to invest in Ablaze and earned crores of rupees like this.

He said he had purchased land worth Rs 35 lakh in Hapur from the earnings of these transactions.

Vimal informed the police that he worked as a production supervisor at Swisscon Technology. He had set up a company named Prizes Enterprises in his wife's name and asked people to invest in Ablaze.

He earned Rs 1.5 crore by making 50 people invest in Ablaze. Last year, he purchased a flat worth Rs 45 lakh in

The arrested persons told the STF that they were members of the core team of Ablaze and worked as chief promoters of the social trading website.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 18 2017. 01:07 IST