ED attaches Rs 103-crore property in Bike Bot rip-off

New Delhi, July 20

The Enforcement Directorate (ED) at present mentioned it had issued a provisional attachment order beneath the PMLA to grab movable and immovable property value Rs 103.73 crore of Garvit Innovative Promoters Ltd (GIPL) and its director Sanjay Bhati within the “Bike Bot” rip-off.

According to ED officers, the connected property embody 26 immovable properties value Rs 101.45 crore located in Gautambuddh Nagar, Ghaziabad, Bulandshahr, Kanpur and Indore together with deposits in 22 financial institution accounts, totalling to Rs 2.28 crore.

Sanjay Bhati, GIPL and different accused floated extremely profitable funding plans within the guise of a motorcycle taxi service named “Bike Bot”, whereby a buyer may put money into a number of bikes and get month-to-month lease and bonuses in return. However, the funds have been used for reimbursement to the sooner buyers just like that in a ponzi scheme. — TNS

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