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The CBI has taken over the probe into the ‘Bike Bot’ rip-off by which greater than two lakh individuals have been allegedly cheated of about ₹15,000 crore on the false promise of profitable returns on investments in a motorbike taxi service scheme.
The company has named 15 individuals, together with the corporate’s chairman-cum-managing director Sanjay Bhati, within the First Info Report (FIR). The Dadri police in Uttar Pradesh had earlier registered 11 instances and made a number of arrests within the matter.
Based on the CBI case, complaints had earlier been submitted and the then Noida district authority and the police authorities have been conscious of the fraudulent actions of the corporate however didn’t take any motion. The then Senior Superintendent of Police and the Superintendent of Police in Crime Department as an alternative pressured the complainants to withdraw their complaints, as alleged.
The FIR states that Mr. Bhati and his relations had integrated an organization often known as Garvit Progressive Promoters Restricted (GIPL) in August 2010 with its registered workplace in Gautam Budh Nagar.
In 2017, the corporate floated a scheme often known as “Bike Bot – The Bike Taxi Powered by GIPL”. Underneath the scheme, an investor needed to pay ₹62,100 per bike with an assurance of ₹5,175 in month-to-month returns and different advantages. The hire was fastened at ₹4,590 per bike per thirty days. Traders may put money into as many bikes as they desired. It was a multi-level advertising scheme.
Primarily based on the police instances, the Enforcement Directorate had earlier launched a probe beneath the Prevention of Cash Laundering Act. In October, it hooked up property price ₹112.36 crore of GIPL and others. The properties included flats in Himachal Pradesh’s Kangra and under-construction towers in several actual property initiatives.
In the identical case, the ED had hooked up properties price ₹103.73 crore – involving 26 immovable properties and 22 financial institution accounts within the title of Garvit Progressive Promoters, Impartial TV, Mars Enviorotech, Axle Vitality, Pantel Mobility Well being and different affiliate entities – in July.
The ED alleges that in November 2018, the corporate had floated related plans for e-bikes stating that the petrol bikes have been dealing with points relating to registration and operation. The subscription quantity for e-bikes was virtually double that of standard bikes.
The company had earlier arrested an accused, Manoj Tyagi, and filed a chargesheet in opposition to him.
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