Director of company involved in Noida ponzi scam arrested

UPSTF has arrested a director of the Noida-based firm involved in the alleged Rs 3,700 crore ponzi scam which promised money to lakhs of gullible investors in lieu of likes on social media.
"Sunil Mittal, father of the alleged kingpin of this case Anubhav, has been arrested from Ghaziabad last night. He also one of the directors of Ablaze Info Solution Private Limited," SP of UPSTF, R N Mishra said.
Abhinav had allegedly transferred Rs 5 crore to Mittal Electronics, where Sunil Mittal is the proprietor, before the scam was detected, the officer said.
UPSTF had earlier arrested four persons, including owner of Ablaze Info Solution Private Limited Anubhav Mittal and is looking for his wife Ayushi, who is absconding.

According to the Enforcement Directorate, the fraudsters allegedly cheated about 6.5 lakh gullible investors of an estimated Rs 3,700 crore, a fraud many more times in value than the infamous Saradha chit fund scam of West Bengal and Assam which is pegged at Rs 2,500 crore.