To colleagues, ‘innovative’ Noida Ponzi kingpin like ‘Phunsukh Wangdu’

NOIDA: Anubhav Mittal, the kingpin of the Rs 3,700 crore Noida Ponzi scam, scaled immense heights, but his fall was equally rapid — just like in snakes and ladders.

The 26-year-old BTech degree holder started his company —

Ablaze Info Solutions Pvt Ltd

— when he was a third-year student in a private college in Greater Noida. He had registered his company at an address in Chandni Chowk in September 2010.

Anubhav made himself and his father Suneel Mittal directors of the company. He graduated the following year and started developing software for different companies. The turning point for Anubhav was when he got a Rs 350-crore project for software development from a private firm. He then decided to float the ‘Social Trade’ scheme and pumped the money into connecting people in the pyramid scheme.

His father Suneel later exited from the business and went on to run his electronics shop in Hapur. Perhaps he had realised that he was a part of Ponzi scheme.

Anubhav then made his wife Ayushi Mittal a co-director. They also roped in two persons, Sunny Mehta and Mahesh Dayal, who assisted them technically in the scheme. The return of the scheme was so promising that the message spread far and wide and more and more people started getting into the network.

Anubhav then hired Shridhar Prasad, an MBA, for a monthly salary of Rs 2.5 lakh and expanded the business. They also hired nearly 50 people and moved to the rented four-storey building in Sector 63.

A source said that the mastermind, Anubhav, was technically sharp and knew how to manipulate things. The company colleagues likened him to the character in the movie ‘3 Idiots’,

Phunsukh Wangdu

(Rancho, played by Aamir Khan), an engineering student who experiments with different projects in his college and life and later turns successful.

Anubhav also got some photos posing with some senior politicians. The photos strengthened his image in public and he used them to his benefit.Anubhav had planned a trip to Australia on February 12 with employees and investors.

The police arrested Anubhav, Shridhar and Mahesh on Thursday. The other company employees went underground. However, there are some people who are still supporting the company and its officials on social networking sites.

What should investors do now?

As the investigation is on in the Ponzi scam, the number of complaints is also increasing. Scores of investors are coming up with complaints and seeking information as to whether their investment will be returned. Some people have approached police stations while others approached the STF office in Surajpur.

The investigating officers said the investors should be patient. But they should sent a complaint to the UP STF’s email ID – reportfraud@upstf.com. The investors can also register an FIR at the nearest police station. The STF team will categorise and segregate complaints region-wise. The information will then be shared with the Special Investigation Team, which will look into the matter.

The STF has frozen over Rs 520 crore in 12 bank accounts in Canara Bank, Kotak Mahindra Bank, Yes Bank and Axis Bank. The money will be returned to the investors after court procedures.

“Some people are misguiding the investors. The investors should understand that police have safeguarded their interest. The police acted on time and arrested the accused,” said an investigating official.