Noida Fraudster made 3700 Crore via Online Trading Scam

Rachiyta JainCyber Security2 Comments

Online Trading Scam

Police in Noida have busted an online trading scam that has been going on since August 2015. A scam of this type has been busted for the first time.

The fraudsters swindled close to 3700 Crore from 7 lakh people via a trading website, socialtrade.biz. The website invited people to be a member by paying an amount ranging between Rs. 5,750 to Rs 57,500. After this fake links were sent to people by clicking on which people could make Rs. 5 per click. The masterminds behind the online trading scam, Abhinav Mittal, Shridhar Prasad and Mahesh Dayal are BTech graduates.

Why are people falling for Online Trading Scams?

Ad services have been trending for a while and people use these to make money which is totally genuine. Some of the legitimate ones are Google Adsense and Infolinks. It is important to understand the modus operandi of these services and how you make money via them. Incomplete knowledge and the desire to earn money the easy way is what leads people to fall victims to such traps. It is high time people realize that making money via the internet is not as easy as clicking on a link. The sad part is educated people are putting their knowledge to inadequate use and are exploiting the public.

Modus Operandi for Genuine Earning

In this case, the fraudsters made people click on links giving them the leverage of money. These scams have often been seen to serve headlines like “make money at home”, “make 15000 per month while studying”, “earn as a house wife” etc. However genuine ad services work in a totally different way. The user creates a website and enrols for hosting ads on the website. People surfing the users website when click on the ads posted, the user gets a fixed amount of money per click.

Online Trading Scam

About the Author

Rachiyta Jain

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Keen on exploring every dimension, I come from an integration of technical and legal background expertizing in cyber laws. A creative soul believing in various forms of art, I am always ready to paint the town with my brush or culinary skills. A regular blogger, occasional poet finding solace in travelling far and wide or wherever the pages of a good book can take me.

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2 Comments on “Noida Fraudster made 3700 Crore via Online Trading Scam”

  1. Aravind

    There are numerous companies and recently busted is just tip of the iceberg. Irony is that even numerous complaints in writing to highest authorities does not result.

    A company with web address http://24x7fresh.in/ in name of supplying milk at home has cheated thousands of people and Numerous complaints about this company on social media and some sites may be read upon: http://www.consumercomplaints.in/24x7fresh-in-b113618

    However till date no action has been taken. This scam may be more than unearthed one.

  2. Nitish Chandan

    We totally agree with what you’re saying. It is indeed only the tip of the iceberg. That said, all of this can be avoided with the minimum level of awareness and understanding.

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