Three Arrested for Rs 4.5 Crore Fraud in 'Bike Bot' Scheme

Three individuals from Uttar Pradesh were apprehended by Nagpur police's economic offences wing for their alleged involvement in a Rs 4.5 crore fraud. They launched a 'bike bot' scheme in 2018, promising monthly returns to investors. After initially paying out, they ceased payments by July 2019.

Three individuals from Uttar Pradesh were apprehended by Nagpur police's economic offences wing for their alleged involvement in a Rs 4.5 crore fraud, an official reported on Monday.

The suspects, named Sanjay Ratan Singh Bhati, Rajesh Shankarlal Sharma, and Karanpal Singh Kahari Singh, initiated a 'bike bot' scheme in October 2018 promising investors monthly returns of Rs 9,765. According to the official, the scheme involved purchasing motorcycles with investors' funds and renting them out, with the income to be distributed monthly to investors.

However, payments stopped by July 2019, leading to their arrest by an Economic Offences Wing team under the guidance of DCP Archit Chandak.