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Developer arrested in connection with bike bot ponzi scheme
Greater Noida: A team from the Noida police and the Economic Offences Wing (EOW) on Monday arrested Satinder Bhasin alias Montu Bhasin, the director of Bhasin Group,
Greater Noida: A team from the Noida police and the Economic Offences Wing (EOW) on Monday arrested Satinder Bhasin alias Montu Bhasin, the director of Bhasin Group, in connection with the bike bot ponzi scheme. According to the police, Bhasin was allegedly in contact with bike bot mastermind Sanjay Bhati, and had received ₹98 crore as investment from Bhati to allot commercial space in his company-owned Grand Venice Mall.
Police said that the suspect was wanted in two FIRs (nos. 385/19 and 697/19) registered at the Dadri police station. The district court had also issued a non-bailable warrant against him in these cases. Vishal Pandey, additional deputy commissioner of police, Greater Noida, said that the EOW, Meerut, is probing this case. “The EOW in its investigation found Bhasin’s role in the fraudulent activity in the bike bot scheme. He had got some money from bike bot mastermind Sanjay Bhati. The police team conducted a search and arrested him from Surajpur in Greater Noida,” he said.
Police said Sanjay Bhati, the alleged owner of Garvit Innovative Promoters Limited (GIPL), had floated the fictitious bike bot scheme. Bhati had allegedly set up the company in 2010, and floated the scheme in 2017. The suspects would allegedly seek ₹62,000 as investment per motorcycle from people. They were allegedly promised ₹9,765 as monthly return from their investments, accumulating to ₹1.17 lakh per annum income. The offer was so lucrative that soon, over 2.25 lakh people made payments for multiple motorcycles and were allegedly cheated to the tune of ₹3,500 crore, said officers.
“Police investigations showed that Bhasin had got ₹98 crore transferred to his company’s bank accounts from Bhati. Bhasin had also issued some “allotment letters” for commercial space in his shopping mall to Bhati. However, the commercial property was not officially registered/transferred,” Noida police said in a press note.
The police and EOW teams have so far arrested 23 suspects in relation to the bike bot scheme. The developer was not available for a comment.
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