Delhi police arrest six more for fraud of Rs 42,000 crore in Bike Boat Ponzi scheme

Numerous people were conned through their false schemes. The accused were able to gain trust by initial payments of the assured amount for some time and later they fled.

Delhi Police have arrested six additional directors of M/S Garvit Innovative Promoters Ltd on Thursday on charges of cheating people in the tune of around Rs 42,000 crore in different states by luring victims with good returns in a ponzi scheme called ‘Bike Boat’. The office is registered at Dadri.

In January 2019, the company also started a new misleading scheme called e-bike scheme, wherein people needed to invest Rs 1.24 lakh for a bike that was supposed to reap them Rs 17,000 monthly for a year. (File photo)

Earlier in September, the Economic Offence Wing had arrested Sanjay Bhati, chief managing director of the company and director Rajesh Bhardwaj of the who baited people with an assured payment of Rs 9,500 per month with the principal amount and a rental income on bikes for one year, if they made an investment of Rs 62,000 for a two-wheeler.

In January 2019, the company also started a new misleading scheme called e-bike scheme, wherein people needed to invest Rs 1.24 lakh for a bike that was supposed to reap them Rs 17,000 monthly for a year.

Numerous people were conned through their false schemes. The accused were able to gain trust by initial payments of the assured amount for some time and later they fled.