Cops arrest Rajasthan man wanted in Bike Bot-like ponzi scheme

Noida: The Noida police on Sunday said they have arrested a Rajasthan-based man who was wanted in connection with a ponzi scheme similar to the ‘Bike Bot’ scam.

The accused, Sandeep Kumar Yadav, was arrested from his hometown Alwar in Rajasthan in a joint effort by Noida police’s Crime Response Team and SWAT team, DCP (Crime) Shakti Mohan Avasthy said.

Yadav worked for Maple Innovative Promoters (MIP), which is accused of duping around 5,000 investors across multiple states, including Uttar Pradesh, on pretext of investing in a motorcycle taxi scheme.

The ponzi scheme was similar to the Rs 3,500 crore ‘Bike Bot’ scam in which an estimated 2.25 lakh people have been duped. “Accused Sandeep Yadav, who was wanted in connection with eight cases, has been arrested from Alwar, his hometown. Sandeep carried a reward of Rs 25,000 on his arrest and had been absconding for the last five years,” Avasthy said.

“The accused has been taken into custody and is being sent to judicial custody through court. Further legal proceedings in the case are underway,” the officer added. MIP’s bike taxi scheme required an investor to deposit Rs 62,100 for a motorcycle and they were assured hefty returns along with an increment on the original investment amount but none of the promises were fulfilled, according to police.

During inquiry, Yadav told police that for every investor he brought, he would get Rs 10,100 per month along with a one-time commission of Rs 5,000.

Besides, he earned a monthly salary of Rs 10,000 from the company, officials said. “The company was formed in the name of Maple Innovative Promoters which received crores of rupees from investors. Yadav said that to receive the commission money, he opened a bank account in Sector 51, Noida and he worked in this company for about a year. During this time, he earned about Rs 11 lakh,” a police spokesperson said.