GREATER NOIDA: A man, who was on the run for the past three years, has been arrested for allegedly cheating over 15,000 people of Rs 150 crore in a scam similar to the infamous Bike Bot. The accused, police said, would lure potential investors across Delhi-NCR for his electric taxi aggregator business by promising them double returns in 12 months flat.
Kunal Sain floated KDM Enterprises in 2019 and came out with a scheme named ‘Go Way India’ to lure investors with the promise of doubling their investments within a year. It asked potential targets to invest a minimum of Rs 62,000 for a bike or four-wheeler electric taxi, and assured them monthly returns apart from doubling the investment — a con trick that bears a stark resemblance to the multi-crore ‘Bike Bot’ scam.
Kunal was arrested from outside Luksar jail in Greater Noida on Friday when he came to meet his parents. “We had been looking for Kunal for a long time. Following a tip-off, the Beta 2 police nabbed him from outside the jail premises,” said Vishal Pandey, additional DCP (Greater Noida). “The accused had been changing cities frequently to evade arrest after shutting down the firm’s office in Site 4 of Greater Noida.”
In September last year, Kunal’s parents, Anil and Meenu Sain, were arrested from Gurgaon, where they had started an e-bike factory. “In June 2019, a person named Harvir Singh filed a complaint, alleging that he and his brother had invested Rs 27 lakh in the firm. The accused paid the victims for the first three-four months but then disappeared,” said Anil Kumar, the SHO of Beta 2 police station.
Though his parents were arrested, Kunal managed to dodge the cops by changing his location. He and his parents were wanted in over 20 cases lodged in police stations across GB Nagar, apart from more than 400 complaints filed in other cities.
