ED ATTACHES ASSETS WORTH ₹103.73 CR IN BIKEBOT SCAM

IT HAS BEEN ALLEGED THAT 2.5 LAKH INVESTORS WERE DUPED OF ₹1500 CRORE.

LUCKNOW : The Enforcement Directorate, Lucknow zonal office, has attached assets worth ₹103.73 crore of Noida-based Garvit Innovative Promoters Ltd and its promoter Sanjay Bhati in connection with the 2019 Bikebot scam where gullible investors were duped of a large amount of money on promise of lucrative returns.

“A total of 26 immovable properties worth ₹101.45 crore and bank balance of ₹2.28 crore in 22 accounts have been attached provisionally on Monday,” an ED official, who didn’t want to be named, said.

The official said investigation in the scam was taken up on June 2019 on the basis of FIRs registered at Dadri police station in Gautam Buddh Nagar against the company and its promoter Sanjay Bhati and others.

M/s Garvit innovative Promoters Ltd (GIPL) and its promoter Sanjay Bhati, along with others, had floated highly lucrative investment plans in the guise of a bike taxi service by the name of Bikebot, wherein a customer could invest in 1, 3, 5 or 7 bikes which would be maintained and operated by the company and the investor would be paid monthly rent, EMI and bonuses (in case of investment in multiple bikes) and further incentives on adding additional investors in a binary/ MLM structure.

The company also allotted franchisees in different cities but the bike taxi hardly operated there.

It has been alleged that 2.5 lakh investors were duped of ₹1500 crore.

During investigation, statements of various complainants were recorded highlighting the modus-operandi of the company and its promoters.

Further investigation in respect of the remaining proceeds of the crime was on and role of several others was being examined, the official added.

ED is also coordinating with the Economic Offences Wing of Uttar Pradesh Police in the matter.