Noida online trading scam: A few investors come out in support of firm accused of fraud | noida | Hindustan Times
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Noida online trading scam: A few investors come out in support of firm accused of fraud

The Uttar Pradesh special task force said Ablaze Info Solutions Limited, which runs a web portal, socialtrade.biz, is involved in a Rs 3,700 crore fraud committed in the name of online trading.

noida Updated: Feb 03, 2017 16:08 IST
Vinod Rajput
UP Online fraud

A police team tries to control the crowd outside Ablaze Info Solutions’ office in Sector 63 on Thursday.(Burhaan Kinu/HT PHOTO)

Around 20 investors, who had gathered outside the Ablaze Info Solutions Limited in Sector 63 on Thursday evening, expressed their full support to the company and its business methodology.

They said the company has been running its operations transparently and providing employment to lakhs of people.

The Uttar Pradesh special task force said Ablaze Info Solutions Limited, which runs a web portal, socialtrade.biz, is involved in a Rs 3,700 crore fraud committed in the name of online trading. The police have arrested three persons, who have collected money from around seven lakh investors.

Those who have invested in the schemes of the company kept thronging its Noida’s Sector 63 office as news about it being a fraud company spread through media.

The crowd remained outside the office till evening. Around 7pm, some 20 investors in the age group of 20-30 expressed solidarity with the company.

“I have invested around Rs 1.8 lakh in 2016 in the scheme of the company. I have got back about half of my investment and the remaining will be paid soon. I feel it’s a good company and the business is also good,” said Yogesh Rohilla, a banker who lives in Delhi.

Many who work with the BPOs and IT companies in Noida have made investments in the firm, sources said. (Burhaan Kinu/HT PHOTO)

According to the UP police, an investor has to deposit anything between Rs 5,750 and Rs 57,500 in the company’s account to become a member. Each member earns Rs 5 per click.

Sachin Tyagi, who runs a shop in Ghaziabad, said he is earning Rs 22,000 per month from his investment he in the company.

“I do not want to tell you how much I invested. But the company has provided jobs to lakhs of people, who are happily working with the firm. Because of elections, leaders have got this company shut as they want money. We will support this company till the end,” Tyagi said.

Many who work with the BPOs and IT companies in Noida have made investments in the firm, sources said.

“I made an investment of Rs 57000 to become a member. Soon after, I started getting Rs 1,000 per day, but they stopped payment after a while. I hope the company will again start paying me daily if the police and the government do not disturb its plans,” said a BPO employee, requesting anonymity.

He said around 30% of the nearly 1,000 employees in his BPO have made investments with Ablaze Info Solutions.

“I invested Rs1 lakh in 2016 and got Rs 2.5 lakh in return in six months. I made 100 people invest in this company and they all are happy. The UP police is harassing the company for no reason because it was doing all transactions digitally. Why did the government not take action when it was started? Why has the government given a licence for them to operate?” said Bhagwat Singh, a teacher, who got his Uttarakhand friends to invest in Ablaze.