Probe Agency Attaches Assets Worth Rs 103 Crore In Noida Bike Bot Ponzi Scam
Additional investigation towards positive officers, beneficiaries is on: Reputable (Representational)
New Delhi/Lucknow:
The Enforcement Directorate (ED) on Monday hooked up property value over Rs 103 crore in reference to its cash laundering probe into the Noida ”bikebot” ponzi scheme case, officers stated.
Twenty-six immovable houses value Rs 101.45 crore, and financial institution steadiness totalling Rs 2.28 crore in 22 accounts were hooked up provisionally beneath the Prevention of Cash Laundering Act (PMLA) by means of the Lucknow zonal place of business of the company, they stated.
The Better Noida-headquartered Motorcycle Bot taxi provider is accused of duping about Rs three,000-Rs four,000 crore from 2.25 lakh traders in a couple of states together with Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
“Additional investigation towards positive officers and beneficiaries is constant and extra attachments shall be performed on this case in a while,” ED Joint Director (Lucknow zone) Rajeshwar Singh stated.
The ED had booked the corporate that ran the alleged ponzi scheme — Garvit cutting edge Promoters Ltd (GIPL) — and its promoter Sanjay Bhati and others beneath the PMLA in June ultimate yr after going via a couple of FIRs filed towards them by means of the Noida police.
As according to the ED, the corporate and its promoters had “floated extremely profitable funding plans within the guise of a motorcycle taxi provider within the identify of ”motorbike bot” the place a buyer may spend money on 1, three, five or 7 motorcycles which might be maintained and operated by means of the corporate and the investor can be paid per thirty days hire, EMI and bonuses (in case of funding in a couple of motorcycles) and extra incentives on including further traders in a binary or multi-level advertising construction.”
“The corporate allocated franchises in quite a lot of towns however the motorbike taxi rarely operated in those towns. The plans had been floated in August, 2017 and the choice of cash from traders or shoppers and repayments to them persisted until early 2019.”
“In November 2018, the corporate floated an identical plans for e-bikes declaring that the petrol motorcycles had been going through problems referring to registration and operation,” it stated.
The price range so amassed were used for compensation to the sooner traders very similar to that during a ponzi scheme, the ED alleged.
It alleged that the promoters indulged in acquisition of alternative firms, acquire of a lodge in Kullu (Himachal Pradesh) for introduction of quite a lot of immovable and movable property within the identify of quite a lot of firms and likewise transferred price range to quite a lot of different firms and folks as loans and investments with out correct documentation.
The company had additionally recorded statements of Sanjay Bhati and others who had been arrested within the case.
It had carried out raids on this case in February and surveyed a co-operative financial institution in Noida which “printed a number of suspicious transactions and the function of the banking officers in assisting and abetting the accused in laundering of the general public cash.”
A minimum of 19 immovable houses positioned in Gautam Buddh Nagar, Ghaziabad, Bulandshahar, Kanpur and Indore within the identify of the corporate were known by means of the company.
“Seven different houses within the identify of 3rd events have additionally been ascertained and verified,” the ED stated.
