Online trading scam: Another Noida firm faces probe

The Uttar Pradesh police is investigating allegations of fraud levied against an online social trading company, Web Work Trade Link Private Limited. The company is suspected to be working on the lines of Ablaze Info Solutions Private Limited, which is currently being investigated for fraud

The Uttar Pradesh police is investigating allegations of fraud levied against an online social trading company, Web Work Trade Link Private Limited. The company is suspected to be working on the lines of Ablaze Info Solutions Private Limited, which is currently being investigated for fraud.

Investors outside Web Work’s office in Sector 2, Noida, on Tuesday. (Salman Ali /HT Photo)

According to the complaint filed by AK Jain, an insurance agent from Ghaziabad, Web Work, which has an office in Noida’s Sector 2, offered people a chance to make money following an initial investment.

Noida police on February 12 lodged an FIR under the charges of cheating against Web Work’s directors — Anurag Garg and Sandesh Verma — following the complaint.

“Today, we are taking statements of the complainant, AK Jain, who accused Web Work of cheating and fraud. Once we are done with that, we will move onto the next phase of investigations. We are understanding the case in detail — as to how Web Work is cheating investors and its modus operandi,” Gaurav Grover, additional superintendent of police (DSP), Gautam Budh Nagar, said.

“The complainant has invested ₹3.5 lakh in Web Work, as per the investment scheme. He got returns for a few days after which the web portal stopped payments. In an FIR, prima facie, allegations are that the company has violated law to cheat investors. We are trying to pinpoint the law that has been violated and determining the best way to proceed with the investigation,” Grover said.

Web Work Trade Link Private Limited, located in Sector 2 of Noida, asks people to invest ₹11,000-₹57,500 to become a publisher in the company. The company subsequently sends links of websites, which should be liked by a publisher, to make a profit. The company promises to pay ₹6 per like. A username and a password were also provided to investors to access the website.

“The company told me that it had tied up with a private company that provides them pages for promotions and hence, they make a profit, which is distributed among publishers,” Vivek Sharma, an investor, said.

The directors could not be contacted despite repeated attempts.

One of the directors, Anurag Garg, in a video message posted on YouTube, has refuted the allegations. “Ours is a legitimate business. Many people do not understand it. Investors need not worry because we will soon begin payments as promised,” said Garg, in a video message.