New Delhi: The Directorate of Enforcement (ED) has attached movable and immovable assets to the tune of Rs. 103.73 crores of M/s Garvit Innovative Promoters Ltd. its promoter Sanjay Bhati and others in BIKEBOT SCAM under Prevention of Money Laundering Act, 2002 (PMLA). Attached assets include 26 immovable properties totalling to Rs. 101.45 crores situated in Gautambudh Nagar, Ghaziabad, Bulandshahar, Kanpur and Indore along with bank balances in 22 bank accounts totalling to Rs. 2.28 crores.
PMLA investigation in the BIKEBOT scam was taken up in June 2019 on the basis of FIRs registered at Dadri police station in Gautambudh Nagar against the above mentioned company and its promoter Sanjay Bhati and others.M/s Garvit innovative Promoters Ltd. (GIPL) and its promoter Sanjay Bhati, along with others, had floated highly lucrative investment plans in the guise of a BIKE TAXI service by the name of BIKEBOT, wherein a customer could invest in 1, 3, 5 or7 bikes which would be maintained and operated by the company and the investor would be paid monthly rent, EMI and bonuses (in case of investment in multiple bikes) and further incentives on adding additional investors in a binary/ Multi Level Marketing structure.
The company also allotted franchisees in various cities but the bike taxi hardly operated in these cities. The plans were floated in Aug-2017 and the collection of money from investors/ customers and repayments to them continued till early 2019. In Nov -2018, the company floated similar plans for E-Bikes stating that the petrol bikes were facing issues regarding registration and operation. The subscription amount for the E-Bikes were almost double the investment amounts for regular petrol bikes.The funds so collected have been used for repayment to the earlier investors similar to that in a PONZI scheme, acquisition of other companies, purchase/creation of various immovable and movable assets in the name of companies andalso transfer to other companies and individuals as loans &investments without proper documentation.
During investigation by the Directorate searches were conducted at 12 locations which resulted in in recovery of details of several properties and incriminating documents. Survey conducted in a Co-operative bank in Noida revealed suspicious transactions and involvement of some banking officials in aiding and abetting the accused in laundering of the public money. Various persons involved in the case were examined and relevant records were also collected.
Investigation conducted so far has resulted in identification of 19 immovable properties situated in Gautambudh Nagar, Ghaziabad, Bulandshahar, Kanpur and Indore in the name of Garvit Innovative Promoters Ltd. along with07 other properties.These 26 immovable propertiesandbalances in bank accounts totalling to Rs. 103.73 croreshave been provisionallyattachedon 20.07.2020 under PMLA.
Further investigation in this case is in progress.
