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Noida: Bike bot mastermind Sanjay Bhati denied bail for third time
Noida: The mastermind of the alleged Bike Bot ponzi scheme who had allegedly duped nearly 2.25 lakh investors was denied bail by the Surajpur district court for
Noida: The mastermind of the alleged Bike Bot ponzi scheme who had allegedly duped nearly 2.25 lakh investors was denied bail by the Surajpur district court for the third time.
Sanjay Bhati (42), owner of Garvit Innovative Promoters Ltd who holds diploma in mechanical engineering, launched this fictitious company in 2010, which floated Bike Bot scheme in 2017 under which Rs 1500 crore was duped from investors. He was arrested following his surrender in Surajpur court in June 2019.
The scam surfaced after a complainant Sunil Kumar Meena, a resident of Jaipur, filed an FIR against the Bike Bot operator at Dadri police station on February 14, 2019 against Sanjay Bhati and five directors of the company.
Bhati has earlier been denied bail twice in October and November , 2019.
During a hearing on Wednesday at the Surajpur district court, his defense attorney argued that Bhati had resigned from the company in November 2018.
“The bike bot scheme was started in July 2017 but the suspect resigned as director on 18th November 2018 after he got a ticket to contest elections for 2019 parliamentary elections. The entire responsibility for the company fell on other directors and the client is being framed in this case,” said defense lawyer Pawan Kasana.
They also said that police evidence does not suggest the amount of money invested by investors. The company only faced monetary problems which is a civil suit and not a criminal one. The client has no prior criminal history and has been in jail for almost a year,he added.
Prosecution argued that Bhati has several such cases of fraud and cheating against him and other directors of the company have also denied been denied bail.
“Based on the seriousness of the allegations the suspect does not qualify to be released and the bail application is being denied,” said the magistrate in his order.
Bhati has nearly 40 cases against him regarding the same ponzi scheme.
