In Ponzi scheme trail, police track ₹26.74 cr to three accounts of Webwork | noida | Hindustan Times
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In Ponzi scheme trail, police track ₹26.74 cr to three accounts of Webwork

noida Updated: Feb 16, 2017 21:11 IST
Pawan Pandita
Pawan Pandita
Hindustan Times
Ponzi scheme

Police sealed the Sector 2 office of Webwork in Noida on Wednesday.(Sunil Ghosh/HT Photo)

Noida police on Thursday trailed ₹26.74 crore deposited in three bank accounts belonging to Webwork Trade Links Pvt Limited — an online social trading company — that is being investigated for allegedly duping thousands of investors.

The money is deposited in two banks in Noida and one in Delhi. An amount of ₹15.09 crore was deposited in Webwork’s account with ICICI bank in Sector 18 of Noida and ₹1.51 crore was found deposited in the company’s account with the Axis Bank in Noida.

“We had frozen the accounts of Webwork in these two banks on Wednesday. We got the details of the funds in the accounts today (Thursday),” Dr Gaurav Grover, assistant superintendent of police, Noida, said.

He said that the police have also asked for the details of Webwork’s accounts from the Citibank and Yes Bank in Noida. “The details are awaited,” Grover said.

Grover said that the police also found ₹10.14 crore deposited in Webwork’s account with Vijaya Bank in its Barakhamba Road branch in Delhi. “The Delhi bank account has also been frozen,” he said.

Police suspect that the company worked on the lines of Ablaze Info Solutions Private Limited and paid people ₹6 per like on published advertising content on social media.

The alleged Ponzi scheme came to light when AK Jain, an insurance agent from Ghaziabad, complained to the police that he was cheated by Webwork. The police lodged an FIR in the matter on February 12.

The Sector 2 office of the Webwork was sealed on Wednesday by a cyber crime team of the Noida police.

Police sources said the addresses of two directors — Anurag Garg and Sandesh Verma — and few senior officials in the human resources department were obtained from the Webwork office before sealing it on Wednesday. However, the police are yet to get a hold of the two directors.

Grover said the police are getting all the details and trying to find out the exact nature of the business and the way Webwork worked. “The huge amount of money deposited in various banks makes us suspicious about the business. What kind of business could give such profits and how were so many people investing in it?” he said.