The Delhi Police has arrested to two fraudsters for allegedly cheating more than 8,000 people across the country to the tune of Rs 42,000 crore through ponzy schemes. Police said that the duo used to lure people in their “Bike boat” scheme after assuring them a good return of their investment.
The accused have been identified as Sanjay Bhati, CMD of the Garvit Innovative Promoters Limit and a resident of Gautam Budh Nagar and Rajesh Bhardwaj, director of the company and a resident of Bulandshahr area.
According to Dr OP Mishra, the Joint Commissioner of Police, Economic Offences Wing (EOW), a number of victims had filed complaints against Sanjay Bhati regarding cheating of Rs 42,000 crore approximately.
“During investigation, it emerged that approximately 8,000 complainants are from Delhi and the cheated amount is approximately Rs 250 crore. Account details of the alleged company Garvit Innovative Promoters Limited were obtained from IDBI Bank Yamuna Vihar Delhi, ICICI Bank Pallavpuram, Meerut and Khurja Branches and also from Noble Co-operative Bank, Noida,” the Joint CP said.
“Police also received a reply from the RBI, wherefrom it was revealed that the alleged company was not registered with RBI as a NBFC and was not authorised to collect money from the public. Number of properties worth hundred crores of rupees have been identified and are being verified. During investigation it also came to light that the Directorate of Enforcement, Lucknow Zonal office is also investigating this issue and a number of cases are registered in Noida and other States on the statement of victims,” the Joint CP added.
“Accused Sanjay and Rajesh were presently running in judicial custody in district Dadri at Gautam Budh Nagar and after permission from the Court, both of them were arrested in present case at district Jail, Gautam Budh Nagar,” Mishra said.
Explaining the modus operandi of the accused the Joint CP said the duo used to induce the victims to invest Rs 62,000 for a bike and to receive Rs 9,500 monthly, including principal and rental income, on bike till one year.
“Due to lucrative offers allegedly made, a number of victims invested their hard money in this scheme. In January 2019, an alleged company launched E-Bike (electric Bike) scheme. In this scheme they again offered a lucrative offer to invest Rs. 01.24 lakhs for a Bike and to receive Rs. 17000 per month till one year,” the Joint CP said.
“Further accused persons induced more return on more investments. Initially alleged had repaid the assured amount to the investors but after winning the confidence, they defaulted and absconded,” added the Joint CP.