New Delhi | The Supreme Court of India has taken a strict stance in the high-profile ₹3,700 crore Noida ponzi scam, linking the bail plea of key accused Ayushi Mittal to complete disclosure of assets. The court made it clear that it would not consider the bail application unless detailed information about assets owned by the accused, her husband, children, and close relatives from both sides is submitted.
During the hearing, the court observed that a claim of having “no assets” cannot be accepted after allegedly collecting thousands of crores from investors. It directed that a comprehensive disclosure must include properties and financial holdings of family members, in-laws, as well as directors and managers associated with the company, to trace the flow of funds and detect possible diversion.
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The case is linked to the ‘Social Trade’ scheme run by Anubhav Mittal, which lured investors with promises of attractive returns in exchange for liking social media pages. Investigations later revealed that the scheme operated on a ponzi model, where funds from new investors were used to pay earlier participants.
Counsel for the accused told the court that out of the alleged ₹3,700 crore collected, nearly ₹2,650 crore had already been returned to investors, while about ₹650 crore remains frozen in bank accounts. It was also argued that the company is under liquidation and the accused do not hold any personal assets.
However, the court expressed strong dissatisfaction with this submission, noting that such claims raise serious doubts given the scale of the alleged transactions. It emphasized that before granting bail, it is essential to ascertain whether assets have been concealed under the names of relatives or associates.
The bench also directed that the Enforcement Directorate be made a party to the bail proceedings. This is aimed at verifying whether properties belonging to the accused, their family members, or associates have been attached, and to strengthen efforts to track financial trails and recover funds.
According to case records, the company Ablaze Info Solutions was registered in 2010 and operated the ‘Social Trade’ platform, claiming to offer online earning opportunities. It later emerged that the model relied on continuous inflow of new investments to sustain payouts, a hallmark of ponzi fraud.
Anubhav Mittal was arrested in February 2017, while Ayushi Mittal was taken into custody later the same year. Investigating agencies had, at the time, pegged the scale of the scam at ₹3,700 crore, placing it among the major financial frauds in the country.
Legal experts believe the Supreme Court’s directive could set a significant precedent in cases where accused individuals attempt to secure bail while allegedly concealing assets. The court’s firm approach signals zero tolerance towards financial crimes and underscores the need for transparency and accountability.
In conclusion, the Supreme Court’s tough stance in the Noida ponzi scam is expected to intensify pressure on the accused while also aiding efforts to safeguard investor interests and facilitate recovery of misappropriated funds.
