Bike Boat Ponzi Scheme: Two held for duping investors of Rs42,000 crore
Two persons have been arrested on the charge of cheating people out of approximately Rs 42,000 crore in different states on the pretext of good returns through a ponzi scheme 'Bike Boat', Delhi Police said on Friday.
 
The Economic Offence Wing arrested CMD Sanjay Bhati and Director Rajesh Bhardwaj of M/S Garvit Innovative Promoters Ltd, who induced their victims to invest Rs 62,000 for a two-wheeler for an assured return of Rs 9,500 per month, including the principal amount and rental income on the bike, for one year.
 
They duped a number of people who invested their hard-earned money in this scheme. In January 2019, the company also launched the e-bike scheme, wherein an investment of Rs 1.24 lakh for a motorcycle would get a return of Rs 17,000 per month for one year.
 
The accused initially paid the assured amount to the investors to win their trust, but later defaulted on payments and absconded.
 
Many cases stand registered in Uttar Pradesh and other states on the basis of complaints by their victims. A number of persons had filed police complaints against Bhati, whose company had a registered office at Plot No. 1, Chiti, Dadri, Gautam Buddh Nagar district, Uttar Pradesh.
 
"During the course of investigation, we found that approximately 8,000 complainants from Delhi were cheated out of around Rs 250 crore. The Reserve Bank of India had informed us that the said firm was not registered with the apex bank as a NBFC and thus not authorised to collect money from the public," said OP Mishra, Joint Commissioner of Police (EOW).
 
The EOW said that the number of properties worth hundreds of crores of rupees connected to the case were identified and a verification of the same was on. It further said that the Directorate of Enforcement, Lucknow Zonal office, was investigating this case.
 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    COMMENTS

    sureshnair.trivandrum

    2 months ago

    Rs 42000 crores! I think you got the figures wrong! Simply not possible!

    ED chargesheets 12 people in 12-yr-old Gold Sukh Trade Ponzi scam
    The Enforcement Directorate (ED) has filed a chargesheet against 12 persons in a multi level marketing and ponzi scheme fraud case in which 1,18,288 investors were duped of over Rs 215 crore during 2008-2011.
     
    City-based Gold Sukh Trade India Ltd, its sister concern Gold Sukh Corporation Ltd and its directors Narendra Singh, Mahendra Kumar Nirwan, Manvendra Pratap Singh Chauhan, Pramod alias Bablu Sharma and others were charged.
     
    The family members of the accused and other shareholders were also named in the chargesheet. The company and its directors, their relatives, shareholders, and team leaders had laundered money generated from the offences, and invested these amounts into various bank accounts for acquisition of immovable properties, foreign currencies, the ED said. As per the agency, the investments were made for the purpose of layering and integration so as to project the "proceeds of crime as untainted".
     
    The ED took up the investigation of the case under Prevention of Money Laundering Act (PMLA) on the basis of nine FIRs registered by the Vidhayakpuri police station against Gold Sukh Trade India Ltd its directors, shareholders and team leader for mobilising public deposits during the period from 2008-09 to 2010-11. The state police has filed chargesheets and supplementary chargesheets against the accused persons under Indian Penal Code (IPC) and Prize Chit and Money Circulation Scheme (Banning) Act, 1978.
     
    During investigation, the ED has already attached movable and immovable properties worth Rs 3.06 crore in connection with the case.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    IMA Ponzi scam-tainted IAS officer Vijayshankar commits suicide in Bengaluru
    Senior IAS officer B.M. Vijayshankar, who was reportedly involved in the multi-crore IMA Ponzi scam, allegedly committed suicide in his house, an official said on Tuesday. He was 59.
     
    "Vijayshakar was found hanging in a room on the first floor of his residence at Jayanagar in the city's southern suburb by his wife late evening," the official told IANS on anonymity.
     
    The incident came to light when Vijayshankar's wife who was in the ground floor, went up to meet him.
     
    The family informed the police and his body was sent to a state-run hospital for autopsy. 
     
    Vijayshankar was arrested and jailed after he was allegedly found involved in the multi-crore IMA scam in the city during 2018-19.
     
    "The Karnataka cadre officer was suspended from service when he was Deputy Commissioner of Bengaluru Urban district after he admitted to have taken Rs 1.5 crore bribe from the IMA scam kingpin Mohammed Mansoor Khan though he alleged to have sought Rs 5 crore from the latter.
     
    The state government revoked Vijayshankar's suspension recently and posted him as Commissioner of the Sakala scheme to provide citizen-related services in a stipulated time.
     
    "The officer was under pressure after he learnt that the state government has permitted the CBI, probing the scam, to interrogate and prosecute him," added the official.
     
    The amended Prevention of Corruption Act mandates the state government's sanction for a criminal inquiry into a government servant.
     
    As the Ponzi scam in the guise of Islamic banking involved investors in other states, with international ramifications, the BJP government transferred the case to the CBI in August from the Special Investigation Team (SIT) of the state police.
     
    Khan and 5 directors of I-Monetary Advisory (IMA) were arrested and jailed last year after their alleged involvement in the Rs 4,000-crore scam came to light in June 2019.
     
    The CBI also booked on February 4 two senior IPS-rank officers Ajay Hillori and Hemant Nimbalkar of the Karnataka cadre for their alleged role in the Ponzi scam that rocked the southern state last year.
     
    "Though the Reserve Bank of India (RBI) alerted the state government and the city police about the illegal activities of the IMA group, including raising illegal deposits from investors through cash or gold jewellery, assuring them hefty interest and returns on maturity, no action was taken against the company for allegedly indulging in the criminal act," a CBI official told IANS earlier, citing the FIR against the accused.
     
    The premier investigation agency has accused Nimbalkar of allowing IMA to carry out its illegal business by giving it a clean chit to carry on its business during his tenure as IGP in CID.
     
    Similarly, Hillori was accused of ignoring the central bank's warnings and furthering the interests of Khan at the expense of innocent investors and depositors.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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