One more arrest in Ponzi scheme involving Rs 1500 crore fraud

Greater Noida: Gautam Buddh Nagar police have made another arrest in the infamous multi level marketing Ponzi scheme 'Bike Bot' which duped lakhs of investors to the tune of Rs 1500 crores by offering them lucrative profits and double returns in one year. Cops said that an additional director of the company was arrested on Tuesday while the owner of company and a franchise head have already been arrested by police.

According to police, the arrested accused had been identified as Vinod Kumar Chauhan, a native of Meerut district and was one among the 12 additional directors of the Garvit Innovators Private limited, the company under which 'Bike Bot' was launched. "The arrest was made from Dadri area of Greater Noida by a team of Noida Economic Offences Wing (NEOW)," said a senior police officer.

Sheelesh Kumar, an inspector at the NEOW said that the accused confessed to have been one of the additional directors of the company and earned lucrative profits under the company's schemes.

"Upon sustained interrogations, the accused told police that he was one among the 12 additional directors of the company. The company was owned by Sanjay Bhati while Vinod was associated with the company since 2017 and was hired to attract investors from Meerut and nearby districts. While working with the company he had earned a profit of nearly Rs 20 lakhs and a Fortuner car as an incentive which were also given to the other additional directors of the company," said Kumar.

The officer further said that the scheme was launched three years ago and the company sought Rs 62,100 as investment on a motorcycle taxi and assured monthly returns, besides doubling the investment amount in one year. "The company has procured nearly 10,000 petrol bikes and some e-bikes also against which they promised an investor a fixed monthly return and a profit share. The company also assured some extra bonus if they connect others to the scheme. However, the complaints started coming since January when the company officials stopped all communications with the investors and also stopped paying the installments of the interest," added Kumar.