Online fraud: Noida firm directors sent to judicial custody

The two directors of the Noida-based company, which allegedly committed online fraud worth Rs 500 crore, were sent to judicial custody for 14 days by a court here today.

"Web Work directors Anurag Garg and Sundesh Verma were produced before the district court which has sent them to judicial custody for 14 days. Police had sought seven days in their remand," a senior prosecution officer said.

The duo was arrested yesterday after police froze five bank accounts of the company and sealed its office at Noida Sector-2.

Some investors had alleged that the company's owners duped nearly two lakh people who were promised handsome returns by clicking on web links and made Rs 500 crore in the past four months.

Sundesh Verma is a class XI passout and Anurag Garg has done BBA. Anurag had worked at financial services company when he met Sundesh Verma and they decided to set up the 'social trade' firm, SP City Dinesh Yadav said.

After UPSTF action against their firm the duo had planned to fly abroad, the officer said.

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)