SocialTrade.Biz Scam Exposed
For the past year, it seemed to me that everyone was only talking about SocialTrade.biz and how easy it is to earn money using this website. I knew it was too good to be true. I thought I should check it myself. And I was right. It is a fraud website.
How Did SocialTrade.biz Scammed People?
It is a pony scheme being used to bring people to the fold. Once someone was attached the SocialTrade, they needed to bring someone under them (or as the website called it “Booster) in order to earn money.
Finally, on 2nd February 2017, the founder and CEO of Ablaze Solutions Limited (Parent company of Social Trade), Anubhav Mittal, Shridhar and Mahesh, were arrested by UP Police Special task Force.
Here is the picture of owners of SocialTrade.biz
Special Task Force ASP Amit Pathak said ” the police has sealed all the bank accounts of Ablaze Solutions Limited, based in Sector 63, Noida, UP. the bank accounts had Rs. 500 Crore balance.”
How Did The SocialTrade Scam Work?
They had 4 Plans ranging from Rs 5750/- to Rs 57500/-
Once the user joined Social Trade, he would get Rs. 5 per click on the link. And if they added 2 people (boosters) under them, their earning would be doubled. These plans were valid for 1 year. After that, you were required to renew your plan.
- Rs. 5750 ID holders will get 10 links to click.
- Rs 11500 ID Holders will get 20 links to click.
- 28750 ID holder will get 50 links daily to click.
- 57500 ID holders would be eligible to click 100 links daily.
For Example: If you bought Rs. 57500/- Plan and have added 2 boosters, you would be earning Rs. 1000/- daily. So, you can see why people were crazy about this scheme.
According to the police, these people scammed people in this similar fashion using different websites. Some of the websites are- 3w.com, socialtrade.biz, intmaart.com, freehub.com, frenzzup.com etc.
The company used very clever tactics to earn the trust of people. They shared their ISo Certification, Service Tax Documents on the website. However, these documents were of Ablaze Solutions Limited and not of the child company, Social Trade.biz.
Every day, someone would come to me to join SocialTrade as their booster. I was able to convince a dozen of people, but some of my friends and relatives were not so convinced by my pleading. They all thought I was jealous that they were making money big time. I don’t know if I should laugh at those people or console them, but I will say them one thing “I told You So”!