Social Trade Biz is an online networking and social media promotion company based in India. By sharing links on social media, the business claims to provide a unique platform for users to make money.
Due to the company’s suspected involvement in a Ponzi scheme in 2017, social trade concerns and criticisms about the company were widespread. In this post, we’ll look at the Social Trade Biz platform, how it works, a review of it, the most recent news, what to do if you fall for the scam and things we can take away from it.
About Social Trade Biz
A social networking trading portal called Social Trade Biz compensates users for unrelated social activities like liking Facebook pages, visiting websites, clicking on advertisements, etc. Anubhav Mittal, a software developer and Payoneer businessperson, founded the SocialTrade.Biz firm.
Ablaze Info Solutions, Private Limited, an ISO 2008-certified business, constructed the platform. The company above also controls several other commercial websites, including w3.com and intmaart.com, that operate under a similar business model, collecting customer payments online.
What is the Process Behind Social Trade Biz?
Users of Social Trade Biz must register on the site by entering their name, email address, telephone number, and PAN card information. The user can then select a plan and buy a package by transferring funds via DD, IMPS, or NEFT to their company bank account.
Customers must provide a payment confirmation picture or code to launch the business concept after purchasing. People can execute social media tasks for cash after creating a profile, like liking Facebook pages, accessing websites, and more. Social Trade Biz stopped paying customers after breaking its commitment to do so. To prevent becoming a victim of such fraud, keep up with Social Trade Biz evaluations and news.
Social Trade Biz Review
The Social Trade Biz fraud was exposed in 2017, which led to several complaints and unfavourable evaluations. Anubhav Mittal and two of his friends were arrested for operating a Ponzi scam, and the company’s bank accounts were seized. With more than 7 lakhs (700,000) participants, the scam caused an estimated loss of over Rs. 3,700 crores.
The Social Trade Biz fraud brought to light the risks of MLM and Ponzi schemes, wherein the promise of quick money can tempt investors to make unwise decisions. The fraud also demonstrated the significance of appropriate regulatory control to stop similar schemes from running.
Up-to-date Social Trade Biz News
Anubhav Mittal and his accomplices are still being sued for operating the Social Trade Biz scam as of May 2023. The Enforcement Directorate (ED) attached scam-related assets worth Rs. 1,438 crore in February 2023. The accused’s assets comprised expensive automobiles, homes, and bank accounts.
How to Handle a Social Trade Biz Scam Victim?
The initial step if you are a Social Trade Biz fraud victim is to file a complaint with the relevant authorities. Both the Economic Offences Wing (EOW) and the Enforcement Directorate (ED) in India accept complaints from victims.
Getting legal counsel and taking the necessary action to get your investment back is crucial. We kindly urge you to avoid dealing with internet frauds functioning under Socia Trade Biz and other similar names. Remember to pass on this post if you care and inform your friends about these internet scams.
Lessons to Learn from Social Trade Biz Scam
The Social Trade Biz scams clarify how crucial it is to research before investing in any programme. Before making any investments, it is essential to research the firm, its business strategy, and its financial statistics.
Additionally, it is crucial to be alert for warning signs, including assurances of quick cash, improbable returns, and high-pressure sales techniques.
The Social Trade Biz scam should be a lesson to authorities and investors alike. Before making any financial decisions, it is critical to exercise caution, perform adequate due diligence, and obtain professional counsel.
Legislators and law enforcement organisations must act quickly to stop such frauds from running and shield investors from financial losses. Lastly, ensuring people have the knowledge and abilities to make wise investment decisions depends on financial literacy and education.