The Enforcement Directorate on Sunday registered a case under the Prevention of Money Laundering Act in the Rs 3,700-crore online fraud case involving a Noida-based firm, PTI reported. The agency conducted raids at Ghaziabad, Kanpur and Noida where the residential and business premises of the accused were located.

Officials told PTI that incriminating documents revealing assets worth crores of rupees were seized during the raids. Around 50 people were called “boosters” in the company records as they were the top performers, reported India Today. An STF official said they were likely to make more arrests this week.

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On February 3, the owner of the Ablaze Info Solutions Pvt Ltd, Anubhav Mittal (pictured above), its Chief Executive Officer Sridhar and the technical head Mahesh were arrested by the Uttar Pradesh police’s Special Task Force after the scam was unearthed. The accused used to tricked investors under the ruse of the “Earn Rs 5 per click” scheme and sent them 25, 50, 75 or 125 links every day based on their membership plan. The company had claimed they would earn Rs 6 for every click, of which Rs 5 would be given to the member.

Apart from this, the ED said the accused had also promoted other investment plans offering attractive incentives. “The multi-level marketing and ponzi schemes were run by M/s. Ablaze Info Solutions Private Ltd., M/s. Social Trade India Pvt. Ltd., M/s. 3W Digital Pvt. Ltd. and M/s. Intmaart India Pvt. Ltd.,” ED said. The agency added that they will also interrogate the banks from where the firm was conducting transactions.

UP STF had registered an FIR on February 3 after they had unearthed the Rs 3,700-crore online fraud. Investigators had seized nearly Rs 500 crore and found that more than one lakh complaints of non-payment existed on their server. Investors had to pay anything between Rs 5,750 and Rs 57,500 to become a member. Mittal – believed to be the mastermind behind the Ponzi scheme – promised investors returns for “liking” links they were sent as SMSs.

Several investors have protested against Mittal’s arrest saying there was full transparency in their business. One of the supporters told India Today that Mittal was a “revolutionary” who provided lakhs of people with an opportunity to earn.