Lucknow The Enforcement Directorate (ED) had provisionally attached one movable and 20 immovable properties worth ₹5.35 crores belonging to Hello Ride Limited, its directors, presidents, agents and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, confirmed ED officials here on Tuesday.
In a press note shared with the media, the ED officials said the properties attached were in the form of agricultural lands and residential plots and were located in Lucknow, Kanpur and Prayagraj districts .
They said these properties were registered in the name of M/s Hello Ride Limited, its directors, presidents, agents, group companies, and others. They informed that the ED had initiated the investigation on the basis of multiple FIRs registered by Uttar Pradesh Police in Vibhuti Kand police station, Lucknow under IPC sections 406 for criminal breach of trust, 409 for criminal breach of trust by public servant and 420 for cheating against Abhay Kumar Kushwaha, Neelam Verma, Nikhil Kushwah, Rajesh Pandey, Shaqeel Ahmad, Ragini Gupta and others.
They said the investigation revealed that Abhay Kushwaha along with his associates generated proceeds of crime by committing offences under the provisions of PMLA, 2002. The company launched a bike taxi scheme under the brand Hello Ride, similar to the services provided by aggregators such as Ola and Uber, as per which the company promised to pay ₹9,585 per month for 12 months on an initial investment of ₹61,000 per bike. On the allurement of such a high return on investment, Hello Ride and its directors and agents collected huge deposits from the general public. As alleged, the total amount involved in 33 FIRs is ₹10,93,71,000.
{{/usCountry}}They said the investigation revealed that Abhay Kushwaha along with his associates generated proceeds of crime by committing offences under the provisions of PMLA, 2002. The company launched a bike taxi scheme under the brand Hello Ride, similar to the services provided by aggregators such as Ola and Uber, as per which the company promised to pay ₹9,585 per month for 12 months on an initial investment of ₹61,000 per bike. On the allurement of such a high return on investment, Hello Ride and its directors and agents collected huge deposits from the general public. As alleged, the total amount involved in 33 FIRs is ₹10,93,71,000.
{{/usCountry}}They had purchased these immovable properties between 2018 and 2019 by utilizing the proceeds of crime. The properties were purchased at an undervalued price on record, but huge cash component was also involved in the transactions.
Previously, 28 immovable properties worth ₹2.38 crores were provisionally attached and later confirmed by the Adjudicating Authority. The total attachment in this case now stands at ₹7.73 crores. Further investigation is under progress.