Millennium Post

Three arrested in 'Bike Bot' Ponzi scheme

Greater Noida: Gautam Buddh Nagar police arrested three persons in connection with the infamous multi level marketing Ponzi scheme 'Bike Bot' which duped lakhs of investors to the tune of nearly Rs 4000 crores by offering them lucrative profits and double returns in one year. Police had earlier arrested the owner of company, a franchise head and another director in June.

According to police, those arrested were identified as Harish Kumar (43) and Rajesh Singh Yadav (39), both natives of Jalandhar area in Punjab and Vishal Kumar (35) from Meerut. "The arrested persons were additional directors of the Garvit Innovators Private limited, the company under which 'Bike Bot' was launched," said police officials.

Vaibhav Krishna, Senior Superintendent of Police (SSP), Gautam Buddh Nagar said that the arrested persons earned profit worth lakhs while working with the company.

"Upon interrogating the accused persons, they told police that they are among the 12 additional directors of the company who were hired to attract investors through various offers and lucrative company schemes. While working with the company they earned a profit of nearly Rs 20-30 lakhs each and a luxury SUV car as an incentive," said Krishna.

The officer further said that police seized nearly 35 luxury cars and 104 two-wheelers.

"As of now, police have seized 35 luxury cars and 104 two-wheelers worth Rs 8 crores 75 lakhs from the possession of accused persons. Police have also seized 18 bank accounts linked with the company and upon investigating these accounts, transactions of nearly Rs 3-4 thousand crores were highlighted. We are further probing the case and more arrests will be made soon," added Krishna.

The 'Bike Bot' 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 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.

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