New Delhi: The Enforcement Directorate (ED) has arrested Samajwadi Party (SP) leader Dinesh Kumar Singh in connection with a Prevention of Money Laundering Act (PMLA) case related to the Bike Bot scam, an official said here on Saturday.
The searches were conducted on July 20 in Noida at the residence of Dinesh
Kumar Singh and he was arrested the next day.
During investigation, incriminating evidence was seized from the searched premises. A PMLA action has been initiated against Gujjar based on complaints that he was extorting money from individuals under PMLA investigation in the Bike Bot Scam at the Lucknow Zonal office.
Gujjar used to contact his victims, luring them with false promises of settling their ongoing PMLA investigations and consequently releasing their movable and immovable properties from the ED.
The Bike Bot Scam case is being investigated by the ED. The Bike Bot fraud,
worth Rs 1665 crore, was committed by Garvit Innovative Promoters Ltd.
(GIPL), Sanjay Bhati, and other individuals.
Investigations revealed that in 2017, Bhati and others launched a lucrative investment scheme in the name of BIKEBOT. Under this scheme, customers could invest in 1, 3, 5, or 7 bikes, which would be maintained and operated by the company, and the investors would receive monthly rental, EMI, and bonuses (in case of multiple bike investments).
A similar scheme was launched for E-Bikes as well. GIPL also allotted franchises in various cities. The company falsely promised annual profits of up to 40 per cent to its investors. The PMLA investigation also unearthed that the funds collected were rotated in a manner similar to a PONZI scheme and were ultimately used to create assets in the name of the company and other individuals.
(IANS)
