Bikebot Scam: ED Seizes Properties Worth Over Rs394 Crore Under PMLA from Trusts, Societies
Moneylife Digital Team 01 September 2025
The special task force (SFT) of the directorate of enforcement (ED) has provisionally attached immovable and movable assets valued at over Rs394.42 crore in connection with the notorious Bikebot scam case, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
 
According to the agency, the attached properties were held in the name of Kamakhya Educational and Social Welfare Trust, Kamakhya Educational Society, Guru Nanak Charitable Trust, Alpine Technical Education Society, AP Goyal Charitable Trust and Meena Anand. The action is part of the ED’s ongoing investigation into one of the largest multi-level marketing (MLM) frauds in recent years.
 
The Bikebot scam, floated by Garvit Innovative Promoters Ltd (GIPL) and its promoter Sanjay Bhati along with others, lured thousands of investors with highly lucrative investment schemes disguised as a bike taxi service. Customers were offered the option to invest in one, three, five or seven motorcycles which, the company claimed, it would operate as taxis. In return, investors were promised monthly rent, EMIs (equated monthly instalments), bonuses for multiple bike investments and additional incentives for recruiting new investors under a binary multi-level marketing structure. The company also issued franchisee licences in different cities, but investigators found that the bike taxi service barely operated on the ground.
 
ED’s probe revealed that the funds mobilised through this fraudulent scheme were diverted into various related companies and subsequently layered through educational trusts, societies, and individuals. The diverted amounts were used to acquire immovable properties in Meerut and to release previously mortgaged assets from banks.
 
The latest attachment order covers immovable properties and released mortgaged land worth Rs20.49 crore (valued at Rs389.30 crore at the time of the predicate offence), along with fixed deposits (FDs) aggregating Rs5.12 crore.
 
This is not the first time that ED has acted in the matter. The agency had earlier attached properties worth Rs220.78 crore through three provisional orders dated 20 July 2020, 4 October 2021 and 10 May 2024. Prosecution complaints and three supplementary complaints have already been filed against 27 accused before the special court (PMLA) at Ghaziabad, all of which have been taken cognisance of by the court.
 
In addition, ED carried out search operations at multiple locations on 20 December 2020 and 20 July 2023, recovering several documents and digital evidence related to the scam.
 
The Bikebot case, which duped thousands of investors across Uttar Pradesh and other states, continues to unfold as ED expands its crackdown on money laundering linked to the Ponzi scheme. The agency confirmed that further investigation is underway.
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