The officials of special investigation team (SIT) constituted to probe the alleged Ponzi scam being run by Anubhav Mittal, managing director of Ablaze Info Solution Priavte Limited, have now concentrated their probe on suspicious transactions involving a core group of nearly 200 big gold and diamond dealers.
According to officials, some of these 200 dealers were even paid amounts of nearly Rs 80 lakh per month by Mittal and his company and presently under scanner. According to officials, the “wrong objective” receipts dealt by Mittal and his company totalled nearly Rs 3726 crore while payments were made to the tune of nearly Rs 3000 crore. It is alleged that nearly 6.5 lakh customers were duped under the alleged scam.
“The transactions are under scanner, especially to the gold and diamond dealers. There are payments to customers as well. Transactions of Mittal’s companies are also under scanner but the companies have been incorporated under the Companies Act and not bogus. The companies however are just on papers but their activities and transactions are suspicious,” said Rajiv Narayan Mishra, additional superintendent of police, (UP-STF).
In connection with gold and diamond, the officials said that heavy payments were made and it is suspected that amounts may have returned back to Mittal. Officials said that the core group of gold and diamond traders received heavy amounts as commission and kept on increasing the clients lower down the chain to increase their commission.
Mittal, an engineer who hails from small Pilkhuwa town in Hapur district is on police custody remand which will get over on Tuesday. The police teams on late Saturday night also conducted searches along with Mittal at his Jaypee Greens residence and also his back end office Raj Nagar District Centre (RDC) in Ghaziabad.
“From RDC office, we recovered more than Rs 7 crore drafts which were submitted by cutosmers and were to be deposited in company’s bank account. This office was basically was used for verification of documents of clients of his company. The involvement of his wife Ayushi Agarwal is also being ascertained as she was one of the directors in company and has direct liability. The SIT will ascertain her role and she is being searched by teams,” Mishra added.
Mittal, along with company’s CEO sheedhar Prasad and technical head Mahesh Kumar were arrested by UP-STF. Later, they also arrested Atul Mishra, a relationaship manager with Yes Bank, for allegedly entering into a criminal conspiracy with Mittal and providing him prior information about the suspicious transaction report and investigation.
Apart from the SIT, helped by UP-STF, the enforcement directorate has already registered a case of money laundering on the basis of FIR registered by the UP-STF in connection with the alleged multi level marketing Ponzi scheme in Noida.