How much does it take to fool the mainstream press? Not very much. Take a look how. 

A PTI report published in the Times of India today says

Home-grown social networking site Worldfloat on Wednesday said it is looking at selling 10% stake to raise $50 million to expand its technologies.We are looking to expand Worldfloat technologies to a larger scale and level, Worldfloat founder Pushkar Mahatta said in a statement. We are adding about 30 new products in the next six months and we are hopeful of getting a valuation of about $500 million from VC funds.

Mahatta says that last year the company was valued at $300 mn. The icing?

Worldfloat launched as a social network,has 50 million users from all over the world with majority of people from India.Worldfloat offers about 1 lakh free online movies to watch at a click of a button.

Worldfloat’s tall claims were conclusively busted last year by some of our readers. The site only had about 300,000 visitors at a time when it was claiming to have 6 million users.

Well, you can get away with pretty much anything these days can’t you?