'Bikebot' scam: ED attaches fresh Rs 394 cr worth assets

Fresh assets worth more than Rs 394 crore have been attached under the anti-money laundering law in connection with an alleged Ponzi scam named 'Bikebot' that was reported from Uttar Pradesh, the Enforcement Directorate (ED) said on Sunday.

The properties are held in the name of Kamakhya Educational and Social Welfare Trust, Kamakhya Educational Society, Guru Nanak Charitable Trust, Alpine Technical Education Society, AP Goyal Charitable Trust and an individual named Meena Anand.

The total value of the attached properties is Rs 394.42 crore.

"The present attachment covers immovable properties and released mortgaged land worth Rs 20.49 crore (valued at Rs 389.30 crore) at the time of commission of the predicate offence, as well as fixed deposits aggregating to Rs 5.12 crore," the federal probe agency said in a statement.

The money laundering case stems from multiple FIRs filed by the Uttar Pradesh Police on the basis of complaints made by certain investors against the 'Bikebot' fraud allegedly committed by Garvit Innovative Promoters Ltd. (GIPL), its promoter Sanjay Bhati and others.

GIPL, the company linked to the Bikebot Ponzi scheme, Bhati along with others had floated a "highly lucrative" investment plan in the guise of a 'Bike Taxi' named 'Bikebot'.

As part of this alleged fraud scheme, a customer could invest in 1, 3, 5 or 7 bikes which would be maintained and operated by the company and 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/Multi-Level Marketing (MLM) structure, according to the ED.

The company also allotted franchisees in various cities but the bike taxi hardly operated in these cities, it said.

The funds mobilised in the 'Bikebot' "scam" were "diverted" to various related companies and subsequently layered through educational trusts, societies, and individuals, the probe found.

These diverted funds were utilised to purchase immovable properties in Meerut and to get released previously mortgaged properties from banks, the ED said.

The agency had conducted searches in this case in 2020 and 2023, attached assets worth Rs 220.78 crore and filed four chargesheets till now against a total of 27 accused entities.