One more arrested in Noida ponzi scam case

The Uttar Pradesh police's Special Task Force has arrested another accused in Rs 3,700 crore ponzi scam perpetrated by a Noida-based firm which had promised money for 'likes' on social media to lakhs of gullible investors.

The scam was unearthed in February this year. Of those arrested in the case included the director of the firm named Ablaze Info Solution Private Limited.

Ayushi Aggarwal, the wife of the firm's director, Anubhav Mittal, was arrested from Pune in Maharashtra yesterday, ASP of UPSTF Rajeev Narain Mishra said today.

According to Mishra, during interrogation, Aggarwal said that around 6.5 lakh people had invested in the company.

According to the Enforcement Directorate, which had filed charge sheet in the case, the fraudsters allegedly cheated the investors of an estimated Rs 3,700 crore, a fraud bigger in value than the infamous Saradha chit fund scam of West Bengal and Assam which is pegged at Rs 2,500 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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