ED raids multiple premises in Noida Bike Bot ponzi scam case
- Country:
- India
The Enforcement Directorate on Saturday conducted searches at around a dozen locations in Delhi and Uttar Pradesh in connection with its money laundering probe against a Noida-based firm alleged to be involved in a ponzi scam, officials said. They said the raids are being conducted at about 12 premises in Delhi, Noida and Lucknow under the Prevention of Money Laundering Act (PMLA) in connection with the 'Bike Bot' case.
The searches are aimed to collect additional evidence and documents to take forward the probe in the case, the officials said. The Greater Noida-headquartered Bike Bot taxi service is accused of duping Rs 3,000 to Rs 4,000 crore from 2.25 lakh investors in multiple states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
Over a dozen company officials including the chief of Bike Bot company, Sanjay Bhati, have been sent behind bars by the Noida Police. A few others wanted in the case are absconding.
The Garvit Innovative Promoters Limited (GIPL) company in Greater Noida had come out with multi-level marketing scheme "Bike Bot" and lured investors with a promise of double returns in an year. 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, as per the police.
The bike-taxis have been operating in districts like Gautam Buddh Nagar, Ghaziabad, Hapur and Bulandshahr in western Uttar Pradesh, while its network was also active in states like Rajasthan, Madhya Pradesh, Haryana, among others, officials said. The company had used internet, social media, pamphlets, and motivators to spread word about the scheme and encourage gullible people to invest in it.
The investors would be further assured of some extra bonus if they could connect more investors with the scheme.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
ALSO READ
Haryana: Cow vigilante Bittu Bajrangi held for beating up man; let out on bail
Shashi Tharoor accepts Chandrasekhar's challenge to debate on development of Thiruvananthapuram
Tragedy strikes as man fatally injures female friend in Punjab's Mohali before being injured in Haryana accident
Rajeev Chandrasekhar challenges Tharoor for debate on development of Thiruvananthapuram
Cong did injustice to people for 55 years, now talking of justice: Haryana CM Nayab Saini