Webwork was an Indian website portal accused of being a Ponzi scheme.[1] The site was promoted by a Bollywood star, and was said to have scammed Rs 125 crore from users. Webwork's directors were arrested in February 2017.[2]
| Company type | Privately owned |
|---|---|
| Genre | Deposit mobilising company |
| Founder | Anurag Garg, Sandesh Verma |
| Headquarters | India |
In February 2017, the Noida office of Webwork Trade Links was sealed for allegedly running an online Ponzi scheme, soliciting investments from Rs 11,000 to Rs 57,500 to become "publishers." Investors were promised Rs 6 per website "like." Despite the office closure, police recovered demand drafts worth Rs 20 lakh, sent after the sealing, in addition to the previously seized Rs 6 crore in demand drafts. Directors Anurag Garg and Sandesh Verma were arrested following numerous complaints. The scam affected over 2 lakh people, who invested more than Rs 240 crore.[3]
See also
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References
edit- ^ "As fear spreads, some firms start refunding investors - Times of India". The Times of India. Retrieved 14 March 2017.
- ^ Kumar Pandey, Rajesh; Alam, Shafaque (3 May 2017). "webwork's 'ponzi scam': HC orders CBI probe into Webwork's 'Ponzi scam' | Noida News - Times of India". The Times of India. Retrieved 29 February 2020.
- ^ "Noida: A month after it was sealed, Webwork office gets demand drafts worth Rs 20 lakh". Hindustan Times. 24 March 2017. Retrieved 19 July 2024.