[TusharK]

In 2021, the country was rocked by a Rs 15,000 crore 'Bike Bot' scam. It came to light when the Central Bureau of Investigations (CBI) began its probe into the Noida-based bike taxi business.



According to the CBI, Sanjay Bhati was the mastermind behind the scam. Bhati, along with his wife, is said to have defrauded over 2 lakh investors. Here's how an attractive investment scheme turned into a nightmare for some.

In August 2010, Sanjay Bhati set up a real estate company by the name of Garvit Innovative Promoters Limited (GIPL). Through this firm, the couple launched 'Bike Bot' – a bike taxi business.

The scheme was simple, and seemed lucrative, offering a return of Rs 1.17 lakh per annum. An investor would pay Rs 62,100 for one bike. He/she would be paid an EMI of Rs 5,175 along with a fixed monthly rental of Rs 4,590 per bike. The company also promised to offer a monthly rental income bonus of 5% per bike and a matching income of 10%.

In 2018, Bike Bot introduced a similar scheme, this time for e-bikes. However, the subscription amount for electric bikes was almost double that of petrol bikes.

It is said that investors received returns till early 2019. However, as is with most scams, the repayments soon dried up. Reports suggest that the money collected from investors was diverted elsewhere and into purchasing assets.

After several complaints from investors, the CBI and Enforcement Directorate took up the matter and initiated a money laundering investigation. Sanjay Bhati has since been arrested, but his wife is absconding. The agencies have also attached assets worth Rs 216 crore.

Source: India Today

Link to Team-BHP News

[OffRoadFun]

Originally Posted by TusharK

The company also promised to offer a monthly rental income bonus of 5% per bike and a matching income of 10%.

5% rental income per month??

Surprised people fall prey to such schemes. If it appears to be too good to be true, it most likely is! What kind of business can generate this kind of return except a Ponzi scheme?

[aargee]

I was appalled reading this news the other day on BikeBot & wondering how people could be lured into a scheme like this? How do people still believe in making quick buck?

Sanjay Bhati, the alleged mastermind, along with his family members, incorporated a real estate company by the name of 'Garvit Innovative Promoters Limited' on August 20, 2010. The company was being run from Greater Noida with almost negligible business.

With the intention of making quick money, Sanjay Bhati, through his firm, in the month of August 2017, launched a scheme - 'BIKE BOT - THE BIKE TAXI POWERED BY GIPL'.

According to the scheme, investors had to pay for a motorcycle that was supposed to be used as a two-wheeler taxi. In exchange, the investors were promised a massive return on their investment.

Each investor was asked to pay Rs 62,100 for one bike. An EMI of Rs 5,175 per month was fixed and the rental was fixed at Rs 4,590 per bike per month. The scheme also included a monthly rental income bonus of five per cent per bike, along with a matching income of 10 per cent.

Sources say if the customers invested in one bike at a rate of Rs 62,000, the company was promising a return of over Rs 1.17 lakh per annum. The investors were free to invest in as many bikes as they desired.

To win the trust of investors, Sanjay Bhati's firm also signed an agreement with the investors giving the impression that their money was safe and the return on their investment would not go anywhere.

"To extract money from investors in less amount of time, the company, with ill-motive, made advertisements that the 'BIKE BOT - THE BIKE TAXI POWERED BY GIPL' scheme will be enclosed very soon and that persons can avail this scheme and must deposit money hurriedly," an official familiar with the probe told India Today.

The nearly two lakh investors who participated in the scheme approached the police and filed complaints against Bhati and his firm when they did not receive the returns promised to them.

According to CBI officials, it is suspected that the fraudulent activity of the company was in the knowledge of the Noida district authorities as well as police authorities. However, no action was taken against any of those involved.

The CBI investigators also suspect that senior ranking officials of the Noida Police pressurised the complainants to withdraw their complaints.

Source: https://www.indiatoday.in/india/stor...644-2021-11-02