New Delhi, The Economic Offences Wing of Delhi police has arrested two persons, CMD Sanjay Bhati and Director Rajesh Bhardwaj of M/S Garvit Innovative Promoters on the charge of cheating people out of approximately Rs 42,000 crore in different states on the pretext of good returns through a ponzi scheme ‘Bike Boat’. The Enforcement Directorate has also been roped in to investigate the case looking as the massive scale of the scam.
The EOE arrested Bhati and Bhardwaj for inducing their victims to invest Rs 62,000 for a two-wheeler for an assured return of Rs 9,500 per month, including the principal amount and rental income on the bike, for one year.
They duped a number of people who invested their hard-earned money in this scheme. In January 2019, the company also launched an e-bike scheme, wherein an investment of Rs 1.24 lakh for a motorcycle would get a return of Rs 17,000 per month for one year.
The accused initially paid the assured amount to the investors to win their trust, but later defaulted on payments and absconded.
Many cases stand registered in Uttar Pradesh and other states on the basis of complaints by their victims. A number of persons had filed police complaints against Bhati, whose company had a registered office 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,” said OP Mishra, Joint Commissioner of Police (EOW).
The account details of M/S Garvit Innovative Promoters Limited were obtained from IDBI Bank Yamuna Vihar, Delhi, ICICI Bank Pallavpuram, Meerut/Khurja and Noble Co-operative Bank, Noida.
The EOW said that a number of properties worth hundreds of crores of rupees connected to the case were identified and a verification of the same was on. It further said that the Directorate of Enforcement, Lucknow Zonal office, was investigating this case.