EOW takes custody of CMD Sanjay Bhati and director in Rs 42K crore BikeBot scam

new delhi: Garvit Innovative Promoters Limited Chief Managing Director Sanjay Bhati and director Rajesh Bhardwaj have been arrested by the Delhi Police's EOW in relation with the

Rs 42,000 crore BikeBot scam based out of Noida. Police said that tens of thousands of investors had been cheated by the company officials under investing seed money for the BikeBot scheme, of which as many as 8,000 were Delhi residents who had lost Rs 250 crore to the scheme.

During the course of investigation, account details of GIPL were obtained from IDBI Bank in Yamuna Vihar, ICICI Bank in Pallavpuram, Meerut and Khurja branches and also from the Noble Co-operative Bank in Noida. Joint Commissioner of Police (EOW) OP Mishra said that an RBI reply showed that GIPL was not registered as an NBFC with it and was not authorised to collect money from the public.

Police said that accused used to induce the victims to invest Rs 62,000 for a bike and receive Rs 9,500 monthly including principle and rental income on a bike till one year. In January 2019, the alleged company launched an E-Bike (electric bike) scheme. In this scheme, they again offered a lucrative offer to invest Rs 1.24 lakh for a bike and receive

Rs 17,000 per month till one year. Initially, the company paid out returns but after winning their confidence, they defaulted and fled. mpost