The Enforcement Directorate (ED) has struck a major blow against the notorious Bikebot Ponzi scheme, attaching fresh assets worth ₹394.42 crore under the Prevention of Money Laundering Act (PMLA), the agency announced on Sunday. This latest action targets properties linked to the Uttar Pradesh-based scam that defrauded over 2.25 lakh investors of an estimated ₹3,000-4,000 crore across multiple states, including Uttar Pradesh, Madhya Pradesh, Rajasthan, and Haryana.
The attached assets, held in the names of entities such as Kamakhya Educational and Social Welfare Trust, Kamakhya Educational Society, Guru Nanak Charitable Trust, Alpine Technical Education Society, AP Goyal Charitable Trust, and an individual named Meena Anand, include immovable properties and released mortgaged land valued at ₹389.30 crore at the time of the offense, along with fixed deposits totaling ₹5.12 crore. The ED’s investigation revealed that funds collected through the Bikebot scheme were siphoned off to related companies, layered through educational trusts and societies, and used to purchase properties in Meerut or release previously mortgaged assets from banks.
Operated by Garvit Innovative Promoters Limited (GIPL) and its promoter Sanjay Bhati, the Bikebot scam lured investors with promises of high returns through a multi-level marketing (MLM) scheme disguised as a bike taxi service. Investors were enticed to fund one to seven motorcycles, each costing ₹62,100, with assurances of monthly rent, EMIs, bonuses, and incentives for recruiting others. However, the service was barely operational in the promised cities, and funds were diverted to acquire assets like a resort in Kullu, real estate projects, and other ventures without proper documentation, according to the ED.
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The ED’s probe, initiated in June 2019 based on multiple FIRs filed by the Uttar Pradesh Police, has led to searches in 2020 and 2023, with assets worth ₹220.78 crore previously attached, bringing the total to over ₹615 crore. Four chargesheets have been filed against 27 accused entities, including Bhati, who surrendered in 2019, while key figure Deepti Bahal remains absconding with a ₹5 lakh bounty on her head.
As the ED continues to unravel the complex web of financial deceit, this latest attachment underscores its commitment to recovering illicit gains and delivering justice to the thousands of defrauded investors. Further investigations are underway to trace additional proceeds of the crime and hold all perpetrators accountable.
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