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Half Billion Dollar 'Ponzi Scheme' Scam Caught

Discussion in 'BlackHat Lounge' started by IAmNotLegend, Feb 3, 2017.

  1. IAmNotLegend

    IAmNotLegend Jr. VIP Jr. VIP

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    http://timesofindia.indiatimes.com/...ple-of-rs-3700-crore/articleshow/56943794.cms

    "the trio had launched Social Trade as a pyramid scheme in 2015, telling people they could earn sitting from home. "They enrolled people with subscription money ranging from Rs 5,750, Rs 11,500, Rs 28,750 and Rs 57,500. The investors were given a user ID and password and told they would get random URLs on their phone and would be paid Rs 5 per like," Pathak said.

    For this purpose, they used Ablaze, which rented a four-storey building in Sector 63 for its office. Investors were told that they would receive monthly payments in their registered bank accounts. They were also told if they brought in more subscribers within 21 days, their income would increase. This process was called a 'booster' and, like any other Ponzi scheme, helped build a pyramid of investors. Till Thursday, the number of subscriptions had reached around 6.5 lakh.
    "