The Enforcement Directorate on Wednesday conducted searches at 12 locations in Delhi and Uttar Pradesh in connection with the “Bike Bot” scheme scam, in which about 2.25 lakh investors were allegedly cheated on the pretext of huge returns.
The searches were carried out at different places in Delhi, Noida and Lucknow, under the Prevention of Money Laundering Act. The case pertains to a motorcycle taxi service scheme launched by a Greater Noida-based company, Garvit Innovative Promoters Limited.
The company directors and other office-bearers face allegations of cheating people of over ₹3,000 crore in several States, including Uttar Pradesh, Haryana, Rajasthan and Madhya Pradesh, an official said. The ED is probing the alleged diversion of funds by them.
In 2018, the accused persons had offered a scheme under which people were asked to invest ₹62,100 per motorcycle taxi for an assured monthly return, apart from doubling the amount of investment in a year.
Following complaints from investors, the Uttar Pradesh Police registered more than 60 cases and arrested those involved in the alleged scam. Among those arrested was the company's owner, Sanjay Bhati.
The Delhi Police’s Economic Offences Wing has also registered a case.
The investigating agencies found that over 150 luxury cars were bought in the company's name and gifted. They seized more than 100 motorcycles and eight luxury cars.
The company had about 7,000 motorcycles, of which only 2,000 were registered with the transport authorities.
