Rs 12,000 crore bike boat scam bigger than PNAB caught in Uttar Pradesh

New delhi date. 3

The Central Bureau of Investigation (CBI) has registered an FIR to probe a bike boat scam worth over Rs 15,000 crore. The scam is even bigger than the Punjab National Bank fraud case involving diamond traders. The FIR alleges that Sanjay Bhati, chief managing director of Uttar Pradesh-based Bike Boat, along with 13 others, defrauded the country's investors of more than Rs 15,000 crore.

The accused in the bike boat scam had made lucrative investment plans under the name of bike boat under the guise of bike taxi service. In which a customer could invest in 1, 2, 3 or 4 bikes.

Investors were also lured by monthly rents, EMIs and bonuses, as well as incentives to attract more investors. The company also allotted franchises in different cities but it was difficult to operate bikes and taxis in the cities.

The schemes were launched in August 2016 and funds were raised from investors. The return on investment to investors was continued till 2016.

In November 2016, the company issued a similar plan for e-bikes. The membership fee for e-bikes was double the investment for regular petrol bikes. Investors' complaints were received by the Noida administration as well as police officials, but they did not take any action.

In addition, SSP and SP Crime pressured the complainants to withdraw their complaint. The FIR alleges that Sanjay Bhati and his associates conspired to defraud investors.