Further investigation against certain officials and beneficiaries is on: Official (Representative)
New Delhi / Lucknow:
The Law Enforcement Directorate (ED) on Monday tied assets worth over Rs 103 crore as part of its money laundering investigation into the Noida ponzi scheme “ bikebot, ” officials said.
Twenty-six real estate properties worth Rs 101.45 crore and a bank balance totaling Rs 2.28 crore in 22 accounts have been provisionally attached under the Money Laundering Prevention Act (PMLA) by the The agency’s Lucknow zonal office, they said.
The Greater Noida-based Bike Bot taxi service is accused of fooling around Rs 3,000-4,000 crore from 2.25 lakh investors in several states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
“A more thorough investigation against some officials and beneficiaries is continuing and other attachments will soon be made in this case,” said Rajeshwar Singh, deputy director of ED (Lucknow area).
The ED had booked the company that ran the alleged ponzi scheme – Garvit Innovant Promoters Ltd (GIPL) – and its promoter Sanjay Bhati and others under the PMLA in June of last year after going through several FIRs filed against them. by Noida Police.
According to the ED, the company and its promoters had “launched very lucrative investment plans under the guise of a bicycle-taxi service in the name of” bike bot “where a client could invest in 1, 3, 5 or 7 bikes which would be maintained and operated by the company and the investor would receive monthly rent, EMI and bonuses (if investing in multiple bikes) and other incentives to add additional investors in a binary marketing structure or at several levels. “
“The company awarded franchises in various cities, but the bicycle taxi barely worked in those cities. The plans were launched in August 2017 and fundraising from investors or customers and refunds continued to them. until early 2019. “
“In November 2018, the company launched similar plans for electric bicycles, indicating that gasoline-powered bicycles faced problems with registration and operation,” he said.
The funds thus raised were used for repayment to previous investors, as in a Ponzi scheme, the ED alleged.
He alleged that the developers engaged in the acquisition of other companies, the purchase of a complex in Kullu (Himachal Pradesh) for the creation of various real estate and movable property on behalf of various companies and also transferred funds to various other companies and individuals for loans and investments. without proper documentation.
The agency had also recorded statements from Sanjay Bhati and others arrested in the case.
She raided the case in February and questioned a cooperative bank in Noida which “exposed several suspicious transactions and the role of bank officials in helping and encouraging defendants to launder public money.”
At least 19 properties located in Gautam Buddh Nagar, Ghaziabad, Bulandshahar, Kanpur and Indore on behalf of the company have been identified by the agency.
“Seven other properties on behalf of third parties have also been verified and verified,” the ED said.
