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ED attaches ₹394cr assets in UP ponzi scheme case
The Enforcement Directorate (ED) has attached assets worth over ₹394 crore tied to the massive 'Bikebot' Ponzi scheme in Uttar Pradesh.
This move targets groups like Kamakhya Educational and Social Welfare Trust and Meena Anand, with attached properties including mortgaged land and fixed deposits.
'Bikebot' scam misled investors with false returns
Run by Garvit Innovative Promoters Ltd. and Sanjay Bhati, 'Bikebot' promised easy returns through a fake bike taxi investment plan, using a multi-level marketing setup.
Instead of profits, investors' money was funneled into group companies and real estate in Meerut—leading to several police cases as the scale of the fraud became clear.
Four chargesheets filed in the case
The ED's probe has led to four chargesheets against 27 entities involved in the scam.