The Central Bureau of Investigation (CBI) has registered an FIR to investigate Bike Bot scam to the tune of Rs 15,000 crore, a financial swindle worth more than the Punjab National Bank fraud case involving diamond traders Nirav Modi and Mehul Choksi.
In the FIR, it has been alleged that Sanjay Bhati, Chief Managing Director of Uttar Pradesh-based Bike Bot, along with 14 others, cheated investors of around Rs 15,000 crore across the country.
In the alleged Bike Bot scam, the accused had allegedly floated highly lucrative investment plans in the guise of a bike-taxi service by the name of Bike Bot, wherein a customer could invest in one, three, five or seven bikes, which would be maintained and operated by the company. The investor would be paid monthly rent, EMI and bonus (in case of investment in multiple bikes) and further incentives on adding additional investors in a binary structure.
The company also allegedly allotted franchisees in various cities but the bikes and taxis hardly operated in these cities.
The plans were floated in August 2017 and the collection of money from investors, customers and repayments to them continued till early 2019. In November 2018, the company floated similar plans for e-bikes, stating that the petrol bikes were facing issues related to registration and operation. The subscription amount for the e-bikes was almost double the investment amounts for regular petrol bikes.
“It is further alleged that in order to extract money from investors with ill motive the company made advertisement that ‘BIKE BOT – THE BIKE TAXI POWERED BY GIPL scheme will enclosed very soon and that person desirous of availing scheme must deposit money hurriedly’. On such advertisement, about 2,00,000 investors invested money, however, fact remains that complaints were submitted and fraudulent activity of the company was in the knowledge of the Noida district authority as well as police authorities who did not take any action. Rather, the SSP and SP crime branch pressurised the complainants to withdraw their complaints,” read the CBI FIR.
The FIR has alleged that under a pre-planned conspiracy, Sanjay Bhati and his associates cheated and defrauded investors and collected at least Rs 15,000 crore across the country in the name of business.
Earlier, the Enforcement Directorate had initiated a money-laundering investigation in the Bike Bot scam on the basis of various FIRs registered at Dadri police station in Gautam Budh Nagar against Garvit Innovative Promoters Ltd, its promoter Sanjay Bhati and others. The financial probe agency has also attached assets worth over Rs 216 crore in this case.
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