The Enforcement Directorate on Monday has arrested Dinesh Kumar Singh, the State Secretary of Samajwadi Party Uttar Pradesh unit, in connection with the ‘Bike Bot’ scam case, as part of a money laundering probe.
On July 21, the ED conducted searches at his premises in Noida and subsequently arrested him on the same day.
A court remanded Singh to ED custody till July 26.
During the investigation, incriminating evidence related to the scam was discovered and seized from Singh’s premises.
The ED initiated the probe based on FIRs registered by the UP Police, which were filed by individuals who claimed to have been defrauded by Garvit Innovative Promoters Ltd. (GIPL), Sanjay Bhati, and other individuals.
The ED’s investigation revealed that in 2017, the accused, including Sanjay Bhati, promoted attractive investment schemes under the name ‘BIKEBOT.’
According to the scheme, customers could invest in one, three, five, or seven bikes, with the company managing and operating the bikes. The investors were promised monthly rentals, EMI, and bonuses for multiple bike investments.
Further, investigation by the ED disclosed that the funds collected through the scheme were used in a manner similar to a Ponzi scheme, with the money ultimately being utilized to create assets in the name of the company and other individuals.
