‘Cash for Clicks’ Site Socialtrade Cheats in a Rs 3,700-Cr Scam
SocialTrade asked users to sign up and pay Rs 5,750 and paid cash for clicking on links that were flashed each day.
While PM Modi and his team do everything they can to get India online, the perils of ignorance and greed on the internet came to light in a massive scam. Uttar Pradesh police arrested Anubhav Mittal, founder of a social media exchange called SocialTrade.biz. Socialtrade turned out to be an internet ponzi scheme worth Rs 3,700 crores involving 7 lakh users.
SocialTrade asked users to sign up and pay Rs 5,750. The company paid them cash for clicking on links that were flashed each day.
Just like any ponzi scheme, some people made a lot of money on their initial investment and lured friends and relatives to sign up for the dubious service. Police and IT officials intervened when a few disgruntled users filed an FIR upon not receiving any money from the site.
There are dozens of such portals that use a multi-level marketing model to lure users and promise cash for clicks.
The simple rule of thumb to avoid getting duped online is common sense: if it sounds too good to be true, it probably is.
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