UP: CBI Files FIR In Rs 15,000 Cr Bike Taxi Investment Fraud; Firm, Promoter Booked

Credits: GIPL 

The Logical Indian Crew

UP: CBI Files FIR In Rs 15,000 Cr Bike Taxi Investment Fraud; Firm, Promoter Booked

Reportedly, the former Senior Superintendent of Police (SSP) and the state crime branch SP assigned to the case had pressured the complainants to withdraw their charges against the firm.

  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • koo
  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • koo
  • Whatsapp
  • Telegram
  • Linkedin
  • Print
  • koo

The Central Bureau of Investigation (CBI) has registered an FIR in connection with an investment fraud case, with the financial swindling of more than the Punjab National Bank scam involving diamond trader Nirav Modi.

Nearly ₹15,000 crores were extorted from people under the disguise of investment in bikes taxis in Uttar Pradesh. The alleged fraud pertains to a marketing scheme launched by a Noida-based company, Garvit Innovative Promoters Ltd (GIPL), in August 2017.

The firm's Chief Managing Director Sanjay Bhati and his associates had invited people to invest in bike taxis by the name of 'Bike Bot' and earn revenue. Besides, people were also lured by EMI payments and commission if they got more investors.

According to the India Today report, a customer and investor could invest money and 1-7 bikes, which were maintained and operated by BikeBot. The investor was paid monthly rent. The EMIs, incentives, and bonuses were provided for additional investment. The company brought in similar plans for e-bikes in the following year.

They even claimed alloting franchisees in various cities but reports stated that the vehicles did not operate in these places.

Complainants Pressured To Withdraw Charges

The fraud continued for two years, till 2019, when it was exposed, after a few people who sensed the scam complained to the police. Reportedly, the former senior superintendent of Police (SSP) and the state crime branch SP assigned to the case had pressured the complainants to withdraw their charges against the firm.

"Respondent Sanjay Bhati and his associates have cheated investors and have collected at least ₹15,000 crores in the name of the business of 'BIKE BOT – THE BIKE TAXI POWERED BY GIPL' and misappropriated the same. The fraudulent activity was in the knowledge of the Noida district authority and the police authorities who did not take any action," the media quoted CBI's statement.

The FIRs against the company was lodged at Dadri police station in Gautam Budh Nagar. The agency is also conducting search operations into the company assets.

Also Read: Maharashtra Former Home Minister Anil Deshmukh Arrested In Money Laundering Case

Contributors Suggest Correction
Writer : Devyani Madaik
,
Editor : Palak Agrawal
,
Creatives : Devyani Madaik