Noida ponzi kingpin Anubhav Mittal was planning to open e-commerce apparel website

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.

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.

The office of 3W where the alleged fraud took place. (Sunil Ghosh/HT Photo)

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.

Mittal had chosen mid of February to start the business, the STF officer said.