Reference : NDTV
In the Noida 'bike bot' ponzi scheme money laundering case, the Enforcement Directorate (ED) announced on Wednesday that it has attached assets worth over 112 crore.
The Greater Noida-based 'bike bot' taxi service is suspected of defrauding over 2.25 lakh investors in different states, including Uttar Pradesh, Madhya Pradesh, Rajasthan, and Haryana, of between 3,000 and 4,000 crore.
According to the ED, the attached properties belong to Garvit Innovative Promoters Ltd (GIPL), its promoter Sanjay Bhati, and other related businesses involved in the 'bike bot' scam.
Under the Prevention of Money Laundering Act (PMLA), a preliminary order has been granted to attach immovable properties worth 107.01 crore in the form of flats in Zenith Township Pvt Ltd's 'Saga Habitat' project; Arni University, Kangra Himachal Pradesh; under-construction towers in Saha Infratech Private Limited's 'Amadeus' project; and under-construction towers in Nobel Build Tech's 'White House Project,'
Fixed deposits of 5.35 crore have been attached as well.
The entire value of the attachment is Rs. 112.36 crore.
Rajeshwar Singh, ED Joint Director (Lucknow), said the agency will strive to have the attached properties "restitution" to the needy investors who were deceived in the case.
"There will be more attachments," he continued.
The ED case stems from a Noida Police FIR filed against the accused firm, its promoter Bhati, and others.
"GIPL and Bhati, amongst others, had floated especially beneficial funding plans withinside the guise of a 'motorcycle taxi' provider with the aid of using the call of 'motormotorcycle bot,' wherein a consumer ought to spend money on 1, 3, 5, or 7 bikes, which might be maintained and operated with the aid of using the company, and the investor might be paid month-to-month rent, EMI, and bonus (withinside the case of more than one bikes), in addition to similarly incentives on including extra buyers in a binary or multi-stage advertising and marketing structure," it said.
The corporation also assigned franchisees in several locations, although the bike taxi was rarely used in these areas, according to the ED.
The intentions were announced in August 2017, and money was collected from investors/customers and repaid to them until early 2019, according to the statement.
In November 2018, the organization introduced equal plans for e-motorcycles, bringing up registration and operation issues with gas motorcycles.
"The subscription quantity for the e-motorcycles turned into nearly double the funding quantities for everyday petrol motorcycles," it said.
"An evaluation of financial institution money owed suggests that the price range had been diverted to buy a few immovable houses withinside the call of Garvit Innovative Promoters Ltd and additionally to take manipulate of the trusts walking the numerous institutes," the ED said.