Bike Bot scam: Noida court rejects bail of firm's director

"The court rejected 27 of his bail pleas considering the nature and seriousness of the crime," Jain said. The Noida-registered Garvit Innovative Promoters Limited (GIPL) company had in 2018 come out with the multi-level marketing scheme "Bike Bot" and lured investors with a promise of double returns in a year, the police said.

A court in Uttar Pradesh's Gautam Buddh Nagar district has rejected the bail application of a key accused in the multi-crore 'Bike Bot' scam, officials said. The man, Pushpendra Singh, worked as an additional director for the motorcycle taxi company and was arrested earlier this year after 57 FIRs were lodged against him, they said.

Singh had applied for bail in 27 of these cases which were rejected by Gautam Buddh Nagar District and Sessions Court special judge Ved Prakash Verma on Friday, a government lawyer said. "The accused worked for Garvit Innovative Promoters, the firm that had launched the 'Bike Bot' project. The court also found that he made monetary gains in crores of rupees earned through the fraud scheme and used to purchase a property among others," the lawyer, Dharmendra Jaint, said. "The court rejected 27 of his bail pleas considering the nature and seriousness of the crime," Jain said.

The Noida-registered Garvit Innovative Promoters Limited (GIPL) company had in 2018 come out with the multi-level marketing scheme "Bike Bot" and lured investors with a promise of double returns in a year, the police said. They sought Rs 62,100 in investment for a motorcycle taxi and assured monthly returns besides double the investment amount in just one year but failed to deliver on the promise. The firm has duped around 2.25 lakh investors to the tune of Rs 3,000 crore to Rs 4,000 crore across UP, Haryana, Madhya Pradesh, according to a police estimate. Around a dozen people, including Bike Bot boss Sanjay Bhati have been arrested so far, the police said.

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