6 more directors nabbed in multi-crore ‘Bike Boat’ scam

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New Delhi, Nov 19 (IANS) The Economic Offences Wing (EOW) of the Delhi Police has arrested six more directors of M/s Garvit Innovative Promoters Limited from the Kot village in Noida for cheating innocent persons of nearly Rs 42,000 crore by promising good returns against investments in the ‘Bike Boat’ ponzi scheme.
Following the arrest of the six alleged accused, multiple cases have been registered in Noida, Delhi and many other states of the country.
“The accused persons used to entice their victims to invest Rs 62,000 in a bike and receive Rs 9,500 per month, including principle and rental income on the bike, for one year. Due to this lucrative offer, a number of victims invested their hard earned money in the ponzi scheme,” said O.P. Mishra, Joint Commissioner of Police, EOW.
In January 2019, the alleged fraudulent company had launched an E-bike (electric bike) scheme where they again made lucrative offer to people to invest Rs 1.24 lakh in a bike and receive Rs 17,000 per month for one year in return. The accused persons promised more returns on making more investments. Initially, the alleged accused had repaid the assured amount to the investors, but after winning their trust, they defaulted before absconding.
The police said all the accused 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.

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