Social Trade- All about and Latest News
Social Trade: It is the process through which online investors depend on user generated financial content gathered from various applications as the major information source for making financial decisions. It introduces a new way of analyzing financial data by providing a ground to compare and copy trades, techniques and strategies. Using social trading investors and traders could integrate into their investment decision-process social indicators from trading data-feeds of other traders.
Frauds of Social Trade:
Social Trade if Popular for its Frauds in many countries. India is on top of all of them. One of the Scam Recorded in India in 2011 of 2100 Crores.
Promoter of this scam Ram Sumiran Pal in Social Trade was arrested in Delhi in 2011 for a Scam of 2100 crore Indian National Currency.
Even Traders look for other Traders who are doing Good. They look for them that what made them reach their business to such a Good Level. Traders Copy their Competitors. Social Trade or Social Trading is well known for its Scams in some Undeveloped countries like India.
In year 2017, One more case of Scam in Social Trade was Caught by Uttar Pradesh Police. Police Arrested 3 main Role models of this scam. It was the biggest scam Occurred online. It resulted in 650,000 people to lose a combined Rs 3700 crore to online company which promised them to Earn money by Clicking or Viewing links and advertisements.
This Company operated number of websites such as SocialTrade.biz , web-work.in and after arrest of Main role models in this scam police seized about 500 crore from their Bank accounts.
Such networks are Present nowadays which promise these Online earning methods. We suggest every reader to be aware of these shits! Many other Online Money making methods are available to Use Instead of these Scamming Networks. Here is Description of a Scam of 3700 crore in which 6000 people were duped.
Noida based Firm’s Scam of 3,700 crore INR with 6,000 people Online:
A Noida based Firm Scammed about 3,700 crores and Duped more than 6,000 people in this scam of Online A company socialtrade.biz Cheated an estimated 7,000 people in this scam.
This scam was held when a Team of STF raided the office of a Noida-based 3W Digital Private Limited in sector 63 on Wednesday.
The company’s Director Anubhav Mittal and his 2 Partners –Shridhar Prasad and Mahesh Dayal, were arrested by a UP Police’s Special Task Force (STF) after complaints were registered against the company at Noida Phase 3 and Surajpur police stations in Greater Noida.
According to police, the accused duped people on pretext of providing digital marketing solutions and had collected money from as many as 7 lakh people under this ponzi scheme.
The accused used to run a portal ‘socialtrade.biz’ under which an investor had to pay anything between Rs 5,750 to Rs 57,500 in the company’s account to become the member and earn Rs 5 per click.
How they Worked?
It was launched in 2015 and offered four different ‘packages’ to the investors to earn money online. The investors were asked to like pages and click on the links they were sent.(After Paying Money)
The company claimed it earned Rs 6 for every click and gave Rs 5 of it to the investors. However, the links sent by the company were fake, police said.
The firm registered name was Ablaze Info Solutions Pvt Ltd. and the Owner used to change the portal’s name constantly.
About Owners :
- Anubhav Mittal, who is said to be the main role, holds a B.Tech degree and hails from Ghaziabad.
- Prasad is from Visakhapatnam and Dayal is from Mathura in Uttar Pradesh.