new Delhi: In a big action in the case of cheating millions of people through BikeBot Scam, the ED has attached assets worth Rs 103.73 crore to Sanjay Bhati. The ED took this step under the Money Laundering Act. The ED has attached 26 properties worth Rs 101.45 crore to Sanjay Bhati and his fraudulent company in Gautam Budh Nagar, Ghaziabad, Bulandshahar, Kanpur and Indore. Apart from this, deposits of 22.2 million rupees have also been attached.
This was how the cheating started
Sanjay Bhati, a resident of Dadri in Gautam Budhwaj Nagar, started this fraud in August 2017. He cheated with about 2.50 lakh people across the country through his company GIPL. Sanjay Bhati ran a Ponzi scheme called BikeBot through the company. People were told that they can invest in 1 to 7 bikes through this scheme.
The company will also take care of driving and maintenance of the purchased bike and investors will also be given a rental to profit share in return. That is, if an investor invests 62 thousand, he will be given around 9 thousand rupees every month in return. Bhati had said that the company will run these bikes as a bike taxi and the profits from this will be shared with the investors.
Then cheated in the name of another plan
According to ED’s investigation, investors greedily invested in Sanjay Bhati’s company, but in November 2018, the company started a new plan called another E-Bike. Investors were told that there are problems with petrol bikes, so new investors were added through E-Bike and this plan was said to be more expensive than the former. Bhati said that the registration of E-Bike is expensive, so this plan is expensive.
Earlier, the people who invested were getting their money till now, so people started investing in this plan with confidence. The company distributed money to investors before the money deposited in the name of E-Bike and deposited assets in different parts of the country with investment in other companies.
When people did not get anything in return for their invested money, the company was contacted but Sanjay Bhati could not talk to any person of his company, after which people registered a case with the Noida Police. The police registered a case of fraud in January 2019 and then in June, the ED registered a case of money laundering and started investigation and raided 12 places. Noida police also arrested 12 accused including Sanjay Bhati in this case.