NOIDA PONZI SCHEME


NOIDA PONZI SCHEME…
                      BY-PARTH KAPOOR

·     Firstly we should know what is ponzi  scheme .It is type of fraud which tempts the investers and pays profits to earlier investors with the funds received from more recent investors. The scheme ensures the victim that profits are earned from sale of products or other medium and the victim remain unaware that other investors are none other than source of
funds.
 





·      This scheme was named after Charles Ponzi.  This technique was established in 1920’s
·     Noida Ponzi scheme includes a fraud with 2,25,000 investors .It was a Noida based company and their was no proof of existence of the company.
·     Basically the name of the company was “BIKE BOT”. they used the name of UBER & OLA which are in the market with high  goodwill and name -fame . 



·     They use the name of Uber and Ola to give their business model look more attractive in the business environment .
·      This fraud was done by Anubhav Mittal and his team of Rs. 3700 crore in February 2017. After collection of a huge amount when he & his team did not able to make the launch of their app named “BIKE BOT”

  
 

·     One day a lot of people who invested in the bike bot   were gathered outside the office of Mr. Anubhav Mittal in 63 sector Noida, Uttar Pradesh.

·     This incident happened because the investors who invested the money in the company of Mr. Anubhav Mittal thinks that the company has been disappeared  from the Indian market.

·     Then various FIR’s were filed against Mr. Anubhav Mittal and a local man of Noida named, Ramesh Kaushal lost Rs. 6,00,000 in this Ponzi scheme.

·    
 
·     Then one day police raided on the office of Mr. Anubhav Mittal and found around 250 passports, A balanced sheet showing Rs.520 crore transferred in 12 multiple accounts registered in Canara bank, Axis bank and Yes bank.  

·     This scam surfaced an arrest of Anubhav Mittal along with 40 years old Shridhar prasad and an MBA of 25 years who served as a technician supporter. 











References www.economictimes.com
                     www.wikipedeia.com








Comments

  1. Siddhant katyal3 February 2020 at 01:26

    M empresed with yr blog and keep it up

    ReplyDelete
  2. Unknown3 February 2020 at 22:43

    Good One..

    ReplyDelete
  3. Unknown3 February 2020 at 23:46

    Nice article...👌

    ReplyDelete
  4. Unknown3 February 2020 at 23:49

    👍

    ReplyDelete
  5. Anil Lohmroar4 February 2020 at 00:03

    Good description sir.

    ReplyDelete
  6. Anjali Gupta5 February 2020 at 10:00

    Great research. Keep it up

    ReplyDelete
  7. Parth Kapoor5 February 2020 at 10:03

    Thanks sir

    ReplyDelete
  8. Unknown5 February 2020 at 10:07

    Great work bro... keep going.. luv it

    ReplyDelete
  9. Simarpreet5 February 2020 at 10:08

    Great work....

    ReplyDelete
  10. Anonymous5 February 2020 at 10:11

    Such an eye opening vignette
    Keep it up

    ReplyDelete
  11. Varghese Duie Palal5 February 2020 at 10:22

    Great job

    ReplyDelete
  12. Shubham mittal5 February 2020 at 20:39

    Nicely explained good

    ReplyDelete
  13. Namanjit kaur6 February 2020 at 01:31

    Very grt that u have understood the ponzi scheme and wrote on it

    ReplyDelete
  14. Harshit Manaktala6 February 2020 at 05:15

    Great work done, i expect more good blogs in future like this.

    ReplyDelete
  15. Unknown6 February 2020 at 07:31

    Great informative blog

    ReplyDelete
  16. Siddhant Gupta6 February 2020 at 07:38

    Very nice information and research given by you sir...

    ReplyDelete
  17. Devil6 February 2020 at 07:42

    By taking this example we can really say that business and ethics cannot go in one hand.
    And we should be aware of these type of frauds...........

    ReplyDelete
  18. Rishiraj Nanda6 February 2020 at 07:53

    Indian consumer have always been the prey of the capitalists, let it be the British raj when khaki was brought down by the machine made clothes to this modern day example of bike taxi. I feel this capitalist version of businesses cause great harm to the people as the only motive of these business is to get money. I feel the Marxist way is better. What are your thoughts about that?

    ReplyDelete
  19. Unknown7 February 2020 at 01:44

    Very informative and a good blog

    ReplyDelete
  20. Abnes jose8 February 2020 at 06:18

    Well described

    ReplyDelete

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