New Delhi, September 11
Two individuals have been arrested on the cost of dishonest individuals of roughly Rs 42,000 crore in numerous states on the pretext of excellent returns via a ponzi scheme ‘Bike Boat’, Delhi Police mentioned on Friday.
The Economic Offence Wing arrested CMD Sanjay Bhati and Director Rajesh Bhardwaj of M/S Garvit Innovative Promoters Ltd, who induced their victims to speculate Rs 62,000 for a two-wheeler for an assured return of Rs 9,500 per thirty days, together with the principal quantity and rental revenue on the bike, for one 12 months.
They duped quite a lot of individuals who invested their hard-earned cash on this scheme. In January 2019, the corporate additionally launched the e-bike scheme, whereby an funding of Rs 1.24 lakh for a bike would get a return of Rs 17,000 per thirty days for one 12 months.
The accused initially paid the assured quantity to the buyers to win their belief, however later defaulted on funds and absconded.
Many circumstances stand registered in Uttar Pradesh and different states on the premise of complaints by their victims. Quite a few individuals had filed police complaints in opposition to Bhati, whose firm had a registered workplace at Plot No. 1, Chiti, Dadri, Gautam Buddh Nagar district, Uttar Pradesh.
“During the course of investigation, we found that approximately 8,000 complainants from Delhi were cheated out of around Rs 250 crore. The Reserve Bank of India had informed us that the said firm was not registered with the apex bank as a NBFC and thus not authorised to collect money from the public,” mentioned OP Mishra, Joint Commissioner of Police (EOW).
The EOW mentioned that the variety of properties value lots of of crores of rupees linked to the case had been recognized and a verification of the identical was on. It additional mentioned that the Directorate of Enforcement, Lucknow Zonal workplace, was investigating this case.