Police in Noida have busted an online trading scam that has been going on since August 2015. A scam of this type has been busted for the first time.

The fraudsters swindled close to 3700 Crore from 7 lakh people via a trading website, socialtrade.biz. The website invited people to be a member by paying an amount ranging between Rs. 5,750 to Rs 57,500. After this fake links were sent to people by clicking on which people could make Rs. 5 per click. The masterminds behind the online trading scam, Abhinav Mittal, Shridhar Prasad and Mahesh Dayal are BTech graduates.

Why are people falling for Online Trading Scams?

Ad services have been trending for a while and people use these to make money which is totally genuine. Some of the legitimate ones are Google Adsense and Infolinks. It is important to understand the modus operandi of these services and how you make money via them. Incomplete knowledge and the desire to earn money the easy way is what leads people to fall victims to such traps. It is high time people realize that making money via the internet is not as easy as clicking on a link. The sad part is educated people are putting their knowledge to inadequate use and are exploiting the public.

Modus Operandi for Genuine Earning

In this case, the fraudsters made people click on links giving them the leverage of money. These scams have often been seen to serve headlines like “make money at home”, “make 15000 per month while studying”, “earn as a house wife” etc. However genuine ad services work in a totally different way. The user creates a website and enrols for hosting ads on the website. People surfing the users website when click on the ads posted, the user gets a fixed amount of money per click.