In a shocking incident, Uttar Pradesh’s Special Task Force arrested a massive online racket that duped around Rs 3700 crore of 6.5 lakh people, sending shock waves down the spine of all Indians indulged in online transactions and business.
On one hand, PM Narendra Modi is stressing on the need to go cashless and achieve full digitalisation while on the other hand scams like these are forcing us to think that whether Indian economy and web security setup are ready to this big move.
News about a couple of thousands getting disappeared from Paytm accounts already discouraged many to go cashless and now this Rs 3700 Crore online scam will definitely daunt many to stay away from an online business model. While people from around the world are constantly joining the new revolution of working from home with renowned analyst promoting it everywhere, it’s high time for Indian Government to buckle up and update online security measures.
However, the subjected scam itself is so huge that we need to know everything about it and here are the details and tempting strategies adopted by the racket.
The Ponzi Scheme is a fraudulent investment model where the operator (an individual or organization) pays returns to its investors from the money paid to the company by new investors, rather than earning profits earned legitimate sources.
They usually lure more investors by giving higher returns than the market rates and that too within mouthwatering intervals.
A Pyramid Booster is a bonus model in which the existing members are told to bring more business through new investors and get commision on every click of the new member.
Noida has been subject to a series of call centre frauds over the last couple of years but this was the first racket use ‘like-trading’ for a Ponzi scheme and execute a fraud of this scale. Since social media has seen a huge boom in the last five years with on page ads being present everywhere, people are lured into such scans as Buying likes has become a common practice among companies to promote themselves on social media.
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