The Director has been arrested for allegedly cheating thousands of people to the tune of around Rs.42,000 crore through a ponzi scheme, 'BIKE BOAT'.
Sixteenth Director of the Uttar Pradesh-based private company named M/s Garvit Innovative Promoters Limited has been arrested by the police on Thursday. As per the police, the office is registered in Gautam Buddh Nagar in Uttar Pradesh.
The Director has been arrested on grounds of allegedly cheating thousands of people in several states, of approximately Rs.42,000 crore by promising them good returns through a ponzi scheme, 'Bike Boat'.
It is alleged that the accused induced the victims to invest Rs.62,000 for a bike and to receive Rs.9500 monthly including principle and rental income on bike for one year. Due to the lucrative offer, many invested their hard earned money in this scheme.
In January 2019, the alleged company launched Electric-Bike scheme and offered to deposit Rs.1.24 lakhs for a Bike and receive Rs.17000 per month till one year. Initially the alleged had repaid the assured amount but after winning confidence of investors, they absconded.
Previously in September this year, two Directors of this company named Sanjay Bhati and Rajesh Bhardwaj were arrested by the Economic Offences Wing (EOW) of the Delhi Police.
A probe was initiated by the police after they received complaints from several victims, who alleged that M/s Garvit Innovative Promoters Limited had duped them.
Several cases have been registered against the company in Noida as well as in other states and investigation by Directorate of Enforcement is on.
During the course of investigation, it was revealed that approximately 8000 complainants were from Delhi and the amount duped was approximately Rs. 250 crore.
From the investigation conducted, number of properties worth several hundred crores have been found and investigation on the same is in progress.
It further revealed that Directorate of Enforcement Lucknow Zonal office is also investigating in this issue and number of cases are registered in Noida and other States.
Another accused Director, Sachin Bhati is already in judicial custody. He was arrested in present case of Economic Offences Wing. With today's arrest, total 16 persons have been arrested in this case.
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 "Bike Boat scam: 16th director arrested for duping Rs 42,000 crore")
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