ED slaps PMLA case in Rs 3,700-crore Noida ponzi scam, conducts raids in UP

LUCKNOW: The ED on Sunday conducted searches in various Uttar Pradesh cities after it registered a money laundering case to probe the alleged Rs 3,700-crore ponzi scam case perpetrated by seeking fake social media 'likes' from lakhs of gullible investors by a Noida-based firm.

The agency conducted raids at the business and residential premises of the owners of the said firm and others in Noida, Ghaziabad and Kanpur, officials said adding “incriminating documents”, that reveal assets worth crores of rupees of the accused, were seized.

They said the Enforcement Directorate’s zonal office here registered a criminal case under the Prevention of Money Laundering Act (PMLA) based on an FIR of the UP police's Special Task Force (STF) which unearthed the alleged illegal ponzi or multi-level marketing scam few days back.

The UP STF had arrested the owner of the company Anubhav Mittal, its CEO Sridhar and the technical head Mahesh on February 2.