In recent times we have seen multiple cases where investors have been fooled with mouth-watering returns by companies having no financial background. But as technology has progressed, the scammers are also using digital ways to trap people.
A new type of scam has hurt Delhi-NCR based people as a scamster who took the benefit of the new urban transport trend of bike taxis to organise a Ponzi scheme under the name, Bike Bot, and allegedly did fraud with 2.5 lakh investors. the total estimated amount in this scam is coming out to be Rs 3700 crores.
Sanjay Bhati, owner of Bike Boat Garvivit Innovative Promoters Limited Company has surrendered in the district court on Friday and is giving us a reason to make our readers aware of scams.
The victims of the fraud have filed a case in Dadri Kotwali on the owner Sanjay Bhati and director Vijaypal Kasana of Bike Boat company.
Bike Bot was an enterprise with an official app under the parent company, Garvit Innovative Promoters. It got a one-time investment of Rs 62,100 from investors offering monthly returns of Rs 9,756.
The company asked people to give Rs 62,100 as an investment on a motorcycle taxi and they will be offered assured monthly returns, besides doubling the investment amount in one year. This is a type of Ponzi scheme under which means that early investors are provided too high profits to attract new investors ending with doing fraud with them.
For advertising, internet, social media and pamphlets, and motivators were used to encourage people to invest in it.
Investors were told that the money would come from revenue generated by bike taxis affiliated to Bike Bot in various cities. The scam got opened up after Bike Bot began defaulting on returns in 2018.
Police said the Bike Bot scheme promised to double the returns to investors within a year.
“The accused (Bhati) had launched the scheme as a company that is owned and run by its investors,” Gautam Budh Nagar SSP Vaibhav Krishna said. “He identified the investors as partners and told them they could buy a franchise and start their own taxi service in their respective cities. People fell for the scheme. To those who did not, he offered a small amount as return to lure them,”
Quote source: TimesOfIndia
“The accused told us that investors were asked to bring more people on board to get exclusive benefits. According to complaints that we have received so far, the scam seems to be worth around Rs 60-70 crore. However, there are so many investors who are yet to report the amount they have lost. If we include them all, the scam could be worth thousands of crores,” said Krishna.
We request our readers to be very careful investing there hard earned money as there are many who are looking to earn big money just by taking the benefit of greed of investors.