Nagpur: In a major breakthrough, the Economic Offences Wing (EOW ) of Nagpur Police has arrested three fraudsters involved in a massive fraud of Rs 4.49 crore. The fraudsters were arrested from Rajasthan after a five-year investigation into a fraudulent investment scheme known as ‘Bike Bot.’
The arrested accused are: Sanjay Ratan Singh Bhati, Director of M/s Garveet Innovative Promoter Limited Company, a resident of Gautam Buddha Nagar, Uttar Pradesh; Rajesh Shankarlal Sharma, from Bulandshahr, Uttar Pradesh and Karanpal Singh Kahari Singh, from Gangasagar, Meerut, Uttar Pradesh.
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Saturday 23 Nov. 2024
The ‘Bike Bot’ scheme, which began in October 2018, promised investors a monthly return of Rs 9,765. The scheme involved purchasing motorcycles with investor funds, which were then to be rented out. The rental income was supposed to be used to provide monthly returns to the investors.
Initially, the scheme seemed successful. Investors, including Ramesh Warade, who put in Rs 8.69 lakh, and many others collectively investing Rs 4.5 crore, received some returns. The company refunded Rs 20 lakh to its customers. However, the scheme took a turn for the worse in July 2019 when refunds stopped altogether. Ramesh Warade filed a complaint with the Economic Offences Wing of the Nagpur Police. Kotwali Police registered a case against Bhati and his accomplices.
The police launched an investigation and discovered that Bhati and his accomplices had fled to Bharatpur, Rajasthan. Following this lead, the EOW team, under the guidance of DCP Archit Chandak, initiated an operation. The team, led by API Rizwan Sheikh and comprising Bhagwan Budhwant, Pradeep Walke, Upendra Tayde, Sushmakar Jambhulkar, Ajay Ghatol, Rahul Thakur, and Vilas Ingle, arrested the accused. The three were presented in court and have been remanded to police custody for seven days.
The case is under investigation, with nine more suspects still at large.
