A total of 26 immovable properties worth Rs 101.45 crore and bank balances worth close to Rs 2.30 crore across twenty -two accounts have been attacked provisionally on Monday by the ED, the agency said. The owner of the company Sanjay Bhati is in jail and the agency continues to investigate in relation with the remaining proceeds of the crime as well as examine the role of other persons, along with the Economic Offences Wing (EOW) of the UP Police.
The scam deals with an “investment plan” floated by the company in August ,2017, under the guise of a bike taxi service by the name of “Bikebot“. Under the plan, a customer could invest in upto seven bikes which the company would maintain and operate. In return, the investor was entitled to a monthly rent, EMI and bonuses in case of multiple bikes and further incentives if one was able to add additional investors.
ED has said the funds so collected were used for repayment to investors who had invested in similar ponzi schemes floated by the company, acquisition of other companies , purchase of a resort in Kullu as well as creation of various movable and immovable assets in the name of various other companies, and transferred to various other companies and individuals as loans and investments without proper documentation, etc.
The company had managed to dupe investors across states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana with the service not even functional in some cities in these states.