ED attaches ₹394.42 crore more in Bikebot scam case

The Enforcement Directorate (ED) has provisionally attached immoveable and moveable properties worth over ₹394.42 crore in the Bikebot scam case

The properties were held in the name of the Kamakhya Educational and Social Welfare Trust, Kamakhya Educational Society, Guru Nanak Charitable Trust, Alpine Technical Education Society, A.P. Goyal Charitable Trust, and one Meena Anand.

Garvit Innovative Promoters Limited and its promoter Sanjay Bhati, along with others, had floated investment plans in the guise of a bike taxi service by the name of Bikebot, wherein customers could invest in one, three, five, or seven bikes — to be maintained and operated by the company, while the investors would be paid a monthly rent, EMIs (equated monthly instalments), and bonus, in case of investment in multiple bikes.

Incentives were also offered on adding more investors in a binary/multi-level marketing structure. The company allotted franchisees in various cities but the bike taxi hardly operated in those cities, as alleged.

According to the ED, its investigation revealed that the funds mobilised in the Bikebot scam were diverted to various related companies, and subsequently layered through educational trusts, societies, and individuals. These funds were used for purchasing immovable properties in Meerut, and releasing previously mortgaged properties from banks.

“The present attachment covers immoveable properties and released mortgaged land worth ₹20.49 crore and valued at ₹389.30 crore at the time of commission of the predicate offence, as well as fixed deposits aggregating to ₹5.12 crore. The ED has previously attached properties to the tune of ₹220.78 crore vide three provisional attachment orders issued on July 20, 2020, October 4, 2021, and May 10, 2024,” the agency said.

A prosecution complaint, and three supplementary prosecution complaints have been filed against 27 accused persons. The ED had earlier conducted searches in the case at multiple locations in December 2020 and July 2023.