Ponzi scheme: Man, wife cheat people of `42Kcr, arrested

IT IS ALLEGED that the accused persons have induced the victims to invest `62,000 for a bike and to receive `9,500 monthly including principal and rental income on bike for one year

The Economic Offences Wing (EOW) of Delhi Police has arrested husband-wife duo for allegedly cheating several people to the tune of `42 thousand crores after inducing them in their ponzi scheme “Bike Boat”.

The accused have been identified as Ravinder and his wife, residents of Jalandhar in Punjab. Police said that the husband and wife, who were also directors in the company, were already in judicial custody and they were arrested in the case after permission from the court. Police said that they till now have arrested 18 directors and officials of the accused company Garvit Innovative Promoters Limited.

According to Dr O.P. Mishra, the Joint Commissioner of Police, EOW, several victims had filed complaints against Sanjay Bhati and others of Garvit Innovative Promoters Limited regarding cheating of approximately `42 thousand crores.

“It is alleged that the accused persons have induced the victims to invest `62,000 for a bike and to receive `9,500 monthly including principal and rental income on bike for one year,” said the Joint CP.

“Due to lucrative offers of alleged, number of victims invested and in January 2019, the alleged company launched the Electric-Bike scheme and offered to deposit `1.24 lacs for a bike and to receive `17,000 per month till one year. Initially alleged had repaid the assured amount but after winning confidence of investors, they absconded,” said the Joint CP.

“During investigation, the account details of the alleged company were obtained and a reply from the RBI was also received, where it was revealed that the alleged company was not registered with RBI as a NBFC and was not authorised to collect money from the public,” said the Joint CP.

“Around 8000 complainants against the alleged company are Delhi based and their cheated amount is approx `250 crores,” he added.