Summary:
They said the raids are being conducted at about 12 premises in Delhi, Noida and Lucknow under the Prevention of Money Laundering Act (PMLA) in connection with the 'Bike Bot' case. The Greater Noida-headquartered Bike Bot taxi service is accused of duping Rs 3,000 to Rs 4,000 crore from 2.25 lakh investors in multiple states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana. Over a dozen company officials including the chief of Bike Bot company, Sanjay Bhati, have been sent behind bars by the Noida Police. The Garvit Innovative Promoters Limited (GIPL) company in Greater Noida had come out with multi-level marketing scheme "Bike Bot" and lured investors with a promise of double returns in an year. The investors would be further assured of some extra bonus if they could connect more investors with the scheme..