The ED on Wednesday conducted searches at 12 locations in Delhi, Noida and Lucknow 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 case pertains to a motorcycle taxi service scheme launched by a Greater Noida-based company, Garvit Innovative Promoters Limited. Following complaints from investors, the Uttar Pradesh Police registered over 60 cases in the alleged ₹3,000 crore scam and arrested several people, including the company's owner, Sanjay Bhati.
In 2018, the accused persons asked people to invest ₹62,100 per motorcycle for a monthly return. Investigation revealed that over 150 luxury cars were bought in the company's name and gifted, and of about 7,000 motorcycles, only 2,000 were registered with the transport authorities.
Following complaints of cheating 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.