$770 million Indian Ponzi Scam has Bollywood celebs and Bitcoin involved
There were reports of
allegations against top Bollywood celebrities when there was a case where
approximately INR 500 crores or approximately $772 million was involved. The
base of the case was cash for clicks ponzi scam that had actually been given
shape due to endorsements from Bollywood celebrities. Bollywood stars have
always had a major role in being able to influence the public and the way they
look at things or understand certain things. This is the psychological fact
that was made use of and Bollywood celebrities were approached for
endorsements. Another aspect of this case was that there would be payouts in
Bitcoin. Bitcoin and crypto currency are anyway banned
and considered to be illegal in India.
 |
| Fraud |
Ponzi Fraud
Now, you must be
wondering what exactly happened and what is this click and earn scheme that we
are referring to. Well, when CBI (Central Bureau of Investigation) got active,
they discovered that there was a ponzi scheme.
In this scheme, viewers or the
audience were promised money if they clicked on an advertisement.
What made
these advertisements more luring was the fact that It has Bollywood celebrities
endorsing them.
Now, we all know the hero worship that goes on in this country.
This is why it was obvious that a number of people had fallen into the trap and
disappointed when the received nothing.
A number of people feel that it is a
common thing and nothing too great. However, there are certain rules from the
media’s end that need to be followed and making such fake promises or
declarations is nothing less than a crime.
The instance is focused
around a novel start up called Webwork Trade Links that is a private company.
It launched with the cash for stockcapital of ₹1 lakh ($1,500).
After four
months, the revenue of the company had grown to ₹260 crores. This was done entirely
from the money of the investors.
The revenue came in post
the launch of AddsbookDOTcom. This was done by the founders of Webwork. Those who
invested, were promised hefty rewards for clicking on advertisements that were
posted online on their website. This is the scheme which got over 400,000
investors to enrol themselves in a span of 4 months. This is a very luring
scheme and definitely paid off very well for the company.
It seemed like a
win-win situation for all to the masses. But actually, it was only a win for
the company and nothing for the investors.
Bollywood Fraud
Now, coming to those from
Bollywood who were unintentionally a part of it. The biggest name that pops up
in the mind when we think of a Bollywood star or even a superstar is Shah Rukh
Khan. This is why the company approached him and got him on board.
Along with
Nawazuddin Siddique, he too rolled out TV ads.
In fact, also note that Shah
Rukh Khan is one of those actors who come in the list of highest paid 10 actors
in the world.
Tags: Ponzi Scheme, Fraud, Scam, Money, Deposit Scheme, Finance company Fraud
See also:
[[SHARE This Article >>>>
Follow Blog for Breaking News & Truth
Share on Social Media for Awareness to Help Someone who may be in Need of this Info >>
Post a Comment