Prime accused in the Noida ponzi scheme, Anubhav Mittal, had planned to launch an online shopping website allegedly as a cover for his illegal trade through which he duped lakhs of people of about Rs 3,726 crore.
Mittal along with two of his associates was arrested by the Uttar Pradesh special task force (UP-STF) on February 2.
The 26-year-old had made a payment of about Rs 8 crore to six garment manufacturing companies based in Uttar Pradesh, Haryana and Punjab. Investigators said that among the six manufacturers, two are leading brands in clothing.
Police said, Mittal, who is in judicial custody had ordered 50,000 garments to start his business through a website named Intmart.com.
Mittal informed the six lakh investors of his ponzi scheme about the online venture on December 29, 2016. Mittal asked his investors to shop from the site once it became operational for business.
Officials investigating the scam said that Mittal has changed the name of his company several times. The company that began as 3W was currently running as Ablaze Info Solution. Mittal, the director of 3W, was allegedly planning to once again change the company’s name to Intmart.com. Mittal was, however, arrested before he could make it operational, the officials added.
Triveni Singh, the additional superintendent of police, with STF, said: “He had made these payments to the manufacturers in the last two months. The manufacturers will also be questioned to know about this business. At least six units were asked to manufacture the garments. The exact details of the deals between Mittal and the garment manufacturers will come out once investigations are completed.”
Mittal had chosen mid of February to start the business, the STF officer said.