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Wednesday, December 08, 2021

Bike taxi project: CBI files FIR in UP’s Rs 15k-cr investment scam

The alleged fraud pertains to a multi-level marketing scheme launched by Garvit Innovative Promoters Ltd (GIPL) and its promoter Sanjay Bhati in August 2017 which invited people to invest in bike taxis and earn revenue apart from EMI payments and commission for bringing in more investors.

By: Express News Service | New Delhi |
Updated: November 2, 2021 1:06:36 am
The scheme went bust in 2019, following which the UP Police registered FIRs and arrested many, including Bhati.

The Central Bureau of Investigation (CBI) has registered an FIR in connection with a Rs 15,000 crore fraud case relating to investment in bike taxis in UP. Adding that then senior superintendent of Police (SSP) and superintendent of police of state crime branch pressured complainants to take back their complaints against the company, the agency has suggested inaction on the part of Noida authorities despite being aware of the alleged fraud.

The alleged fraud pertains to a multi-level marketing scheme launched by Garvit Innovative Promoters Ltd (GIPL) and its promoter Sanjay Bhati in August 2017 which invited people to invest in bike taxis and earn revenue apart from EMI payments and commission for bringing in more investors. The scheme went bust in 2019, following which the UP Police registered FIRs and arrested many, including Bhati.

In its FIR, the CBI said, “…respondent Sanjay Bhati and his associates have cheated investors and have collected at least Rs 15,000 crore in the name of business of ‘BIKE BOT – THE BIKE TAXI POWERED BY GIPL’ and misappropriated the same.” It added, “…fraudulent activity of the company was in the knowledge of the Noida district authority’s (sic) as well as police authorities who did not take any action…”

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