6 More Directors Nabbed in Multi-crore ‘Bike Boat’ Scam for Duping Rs 42,000 crore in Noida


    6 More Directors Caught in Multi-crore ‘Bike Boat’ Fraud for Deceiving Rs 42,000 crore in Noida

    Delhi Police (For Representation)

    Delhi Police (For Representation)

    The implicated persons used to lure their victims to invest Rs 62,000 in a bike and receive Rs 9,500 per month, including principle and rental earnings on the bike, for one year.

    • IANS New Delhi
    • Last Upgraded: November 20, 2020, 7: 38 IST

    The Financial Offences Wing (EOW) of the Delhi Cops has actually apprehended six more directors of M/s Garvit Innovative Promoters Limited from the Kot town in Noida for cheating innocent individuals of almost Rs 42,000 crore by appealing excellent returns against financial investments in the ‘Bike Boat’ ponzi scheme.

    Following the arrest of the 6 supposed implicated, several cases have been signed up in Noida, Delhi and many other states of the nation.

    ” The implicated persons utilized to attract their victims to invest Rs 62,000 in a bike and get Rs 9,500 monthly, including concept and rental income on the bike, for one year. Due to this financially rewarding deal, a variety of victims invested their tough made money in the ponzi scheme,” stated O.P. Mishra, Joint Commissioner of Authorities, EOW.

    In January 2019, the alleged fraudulent business had actually introduced an E-bike (electrical bike) scheme where they again made lucrative deal to individuals to invest Rs 1.24 lakh in a bike and get Rs 17,000 per month for one year in return. The implicated persons guaranteed more returns on making more financial investments. Initially, the alleged accused had actually repaid the guaranteed total up to the investors, but after winning their trust, they defaulted prior to absconding.

    The cops stated all the implicated directors– Vijay Pal, Vishal Kumar, Vinod Kumar and Sanjay Goel from Meerut, and Rajesh Singh Yadav and Haresh Kumar from Jalandhar– are in judicial custody.


    ( the heading, this story has not been published by Crucial India News staff and is published from a syndicated feed.).


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