Anubhav Mittal’s Ponzi Scheme Could Be Bigger Than Saradha Scam 

According to an initial estimate by the special task force, Mittal’s scam is worth Rs 3,726 crore.

1 min read
Social Trade founder Anubhav Mittal. (Photo: PTI)

Anubhav Mittal’s Social Trade, an online Ponzi scheme that was busted in Noida this week, is estimated to be worth Rs 3,726 crore – bigger than the Saradha scam – the special task force has said.

The scheme, which promised returns to subscribers who 'liked' various random websites, was unearthed on 2 February.

Also Read: ‘Cash for Clicks’ Site Socialtrade Cheats in a Rs 3,700-Cr Scam

Investors are of the opinion that if Social Trade – run by 26-year-old Mittal – continued to spend as quickly as it did, it could have touched Rs 10,000 crore. In comparison, the alleged chit fund involving the Saradha Group was reported to be worth Rs 2,460 crore.


Anubhav Mittal’s ‘Cash for Clicks’

Mittal, his partner Shridhar Prasad, and aide Mahesh Dayal were arrested on 2 February and are now in judicial custody. Three FIRs have been filed in the case.

Over 2,000 complaints from India, Oman and Nigeria have already poured in against the scheme, which managed to amass nearly 6 lakh subscribers in the past year and a half.

Rs 520 crore in 12 of the company’s bank accounts have been frozen, and the STF suspect that there is much more money stashed away.

(With inputs from Times of India.)

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!