Ponzi scam in detail: Webwork’s 2 directors arrested, accounts freezed

Ponzi scam in detail: Webwork’s 2 directors arrested, accounts freezed

By: || Updated: 18 Feb 2017 01:05 PM

Anurag Garg and Sudesh Verma in custody. PIC/ABP News .

Greater Noida: The Gautam Budh Nagar Police on Friday arrested two directors of the Noida-based company Webwork Trade Links Pvt Limited which is alleged to have committed online fraud of worth Rs 500 crore by duping over 2 lakh people.

How were the two held?

The arrest comes after police froze the company's bank accounts and sealed its office at Noida Sector-2. The directors Anurag Garg and Sudesh Verma had gone to Surajpur to meet the district SSP Dharmindra Singh, SP (City) Dinesh Yadav said. The SSP then called Noida Sector-20 Police Station SHO Anil Pratap Singh and got the accused arrested, police said. An FIR was lodged at Sector 20 Police Station after some investors lodged a complaint against the company.

What is the fraud about?

They alleged the company's owners duped nearly two lakh people who were promised handsome returns by clicking on web links and coughed up at least Rs 500 crore in the past four months. So far five accounts of the company have been frozen. Police also came to know that the company had transferred Rs 20 crore in last two days and investigation is on to trace where this amount was transfered, Yadav said. Police Sources have told ABP News that they have identified at least 5 bank accounts in which funds were being deposited by investors. Rs 28 crore has been freezed that was being transacted via a payment gateway.

Profile of the 2 accused:

Anurag Garg and Sudesh Verma in police custody on Friday. PIC/ABP News. Anurag Garg and Sudesh Verma in police custody on Friday. PIC/ABP News.

Anurag Garg is a resident of Nehru Nagar, Gali No. 7 in Meerut

Sudhesh Verma is a resident of Muzaffarnagar.

Saturday Update: What all has been seized: 

Police have recovered demand drafts worth Rs 6 crore
69,000 ID forms of investors
1 Mercedes car
Rs 80 lakh cash
Company office worth Rs 7 crore seized.

Anurag Garg has told police officials that it will be difficult for him to refund the money of investors

(With additional information from PTI)

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