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Old 10th June 2019, 17:34   #1
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Bike Bot motorcycle taxi owner accused of Ponzi fraud; surrenders

According to a media report, Sanjay Bhati - the owner of Bike Bot, a motorcycle taxi firm, has been accused of duping over two lakh investors of more than Rs 1,300 crore. He has now surrendered in the district court in Surajpur, Greater Noida and has been placed under judicial custody for 14 days. The police plan to appeal in court for his custody. He is being booked under the Gangster Act. It is also reported that Bhati's partner, Vijaypal Kasna, was arrested last week and that nine to ten more partners are absconding.

Bike Bot motorcycle taxi owner accused of Ponzi fraud; surrenders-bike-bot.jpg

It is said that all the investors invested Rs. 62,100 in the company after being promised monthly returns and doubling of the investment within one year. Investors were also assured of an extra bonus if they referred others. About 2.25 lakh people invested and the total amount was more than Rs. 1,300 crores. The company used social media, pamphlets and motivators to spread the word. It is said that 33 cases have been registered against Bike Bot under the Indian Penal Code sections 420 (fraud), 406 (criminal breach of trust), 467 (forgery), 506 (criminal intimidation) and related offences.

Bike Bot operates around 7,000 bikes in Gautam Buddh Nagar, Ghaziabad, Hapur and Bulandshahr in Uttar Pradesh. It is also said to operate in Haryana, Madhya Pradesh and Rajasthan. Out of the 7,000 bikes, only 2,000 are said to be registered.

Link to Team-BHP News

Source: Business Standard

Image Source: Facebook

Last edited by ChiragM : 10th June 2019 at 17:35.
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Old 11th June 2019, 07:54   #2
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Re: Bike Bot motorcycle taxi owner accused of Ponzi fraud; surrenders

If something seems too good to be true, it probably is. The scamster was promising a return of Rs 9,756 EACH MONTH against an investment of 62,100. How on earth is that even possible? . Even Warren Buffett couldn't give you that.

Anyone who invested in this scheme is a classic example of "a fool and his money parted".

Last edited by GTO : 11th June 2019 at 09:05.
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Old 11th June 2019, 08:19   #3
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Re: Bike Bot motorcycle taxi owner accused of Ponzi fraud; surrenders

Looks like this was a semi-Ponzi scheme and not a traditional one. Unlike Ponzi schemes, this one actually had a working business!
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Old 11th June 2019, 08:43   #4
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Re: Bike Bot motorcycle taxi owner accused of Ponzi fraud; surrenders

It has happened before;and will happen again. Despite the arrest and other proceedings, the fellow will be happily enjoying his ill gotten wealth a few years down the line.

Collect double the amount of your original target, then spend half of it to slowly get out of the mess, and live happily ever after.
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Old 11th June 2019, 10:30   #5
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Re: Bike Bot motorcycle taxi owner accused of Ponzi fraud; surrenders

Quote:
Originally Posted by Gansan View Post
the fellow will be happily enjoying his ill gotten wealth a few years down the line.
Collect double the amount of your original target, then spend half of it to slowly get out of the mess, and live happily ever after.
In Ponzi schemes not just the inventor but also early investors make big money. They can easily get away acting as victims but in-fact they have made good money. We never know how many of such early investors are actual partners in crime.

Last edited by Thermodynamics : 11th June 2019 at 10:33.
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