After the demonetization on 8th November 2016 where the Indian Government withdrew the notes of 500 and 100, the income tax department of India kept a close watch on all huge deposits of old notes into any accounts. The department found out a six crore deposit in an account, and after investigation, it was found out to be a 3700 crore scam on the internet.
After a detailed investigation by the police department of Uttar Pradesh, three employees that included the CEO of the fraudulent Noida based company Ablaze Info Solutions Limited was arrested.
The company tricked around seven lakh people who were promised huge returns by simply clicking on various links of websites. The three accused who are in jail on a fourteen-day remand are the director of the company named Mr. Anubhav Mittal, CEO Mr. Shridhar Prasad and the technician Mr. Mahesh Dayal.
The investigation started when the company deposited a huge sum of six crores in the form of the old notes in the bank account, and this is where it all began. It was later known that the company was not doing any business at all. They were cheating people in the name of multi-layered promotions on the social media which attracted several investors, and the company kept on rotating the money of the users. The investors did not even know that they were being tricked until the investigation by the Income Tax Department and the Police.