A man wanted in connection with the Rs 3,500 crore “ Bike Bot ” scam has been arrested by Uttar Pradesh Special Task Force (STF) in Greater Noida, officials said today.
Lalit Bhati has 56 cases related to the scam filed against him at a police station in Gautam Buddh Nagar’s Grand Noida, they said.
Lalit Bhati was arrested on Monday by the Noida unit of the special task force with officials from the Economic Crimes Wing (EOW) of Meerut Police, a senior officer said.
“Bhati was wanted in 56 cases related to the Bike Bot fraud and wore a reward of 50,000 rupees on his head. He was being held near Shiv Nadar University in Greater Noida at around 10:30 p.m. on Monday,” the police commissioner said. Additional Special Working Group, Raj Kumar Mishra.
The accused was dropped off at Dadri police station, where FIRs related to the Bike Bot case were recorded, for further prosecution, he added.
On October 7, the Special Task Force arrested three men, including a retired soldier and a brother of the mastermind of the scam.
Garvit Innovative Promoters Limited (GIPL), a company registered in Noida, launched a multi-level “Bike Bot” marketing program in 2018 and lured investors with a promise of double returns in one year, police said.
They sought out 62,100 rupees for investment in a motorcycle taxi and secured monthly returns in addition to doubling the amount of investment in just one year, but failed to deliver on their promise.
The company has deceived around 2.25 lakh investors to the tune of Rs 3,500 crore in Uttar Pradesh, Haryana and Madhya Pradesh, according to police.
A dozen people, including Bike Bot boss Sanjay Bhati, have so far been arrested in the case, police say.
(Except for the title, this story was not edited by GalacticGaming staff and is posted from a syndicated feed.)