Bikebot scam: The Special Task Force of the Enforcement Directorate (ED) has attached movable and immovable properties worth Rs 394.42 crore in connection with the Bikebot scam, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

“ED, STF, New Delhi has provisionally attached immovable and movable properties with a value of over Rs. 394.42 Crore in the Bikebot Scam case under PMLA, 2002. The properties were held in the name of Kamakhya Educational and Social Welfare Trust, Kamakhya Educational Society, Guru Nanak Charitable Trust, Alpine Technical Education Society, AP Goyal Charitable Trust and Meena Anand,” ED said on X (formerly Twitter).  

The attached assets comprise immovable properties in Meerut, released mortgaged land valued at more than Rs 389.30 crore, and fixed deposits worth around Rs 5.12 crore.

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What is Bikebot scam?

Bike Bot scam is a multi-crore scam linked to Garvit Innovative Promoters Limited (GIPL) promoter Sanjay Bhati and others. As per the probe agency, the funds were collected from investors under the pretext of running a bike-taxi service called Bikebot. 

But how did people fall for it?

Under the multi-level marketing (MLM) scheme, the investors were told to invest in as many bikes as they could – one, three, five or seven. These bikes, however, were to be operated and maintained by the company.  

They were promised monthly rent, EMI, bonuses (if one has invested in multiple bikes) and incentives (if one adds more investors) under an MLM scheme. However, the bike-taxi service hardly operated in the cities it claimed.

The investigation revealed that the money was siphoned off and used for purchasing properties and clearing mortgage dues.

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ED attaches properties worth Rs 394 cr

So far, the ED has attached assets worth over Rs 615 crore in connection with the case. This includes earlier attachments amounting to Rs 220.78 crore through three provisional orders issued in 2020, 2021, and 2024. The agency has also filed prosecution complaints and three supplementary complaints against 27 accused before the Special PMLA Court in Ghaziabad, which has taken cognisance of the matter.

Earlier, ED carried out search operations in 2020 and 2023, where digital and other evidence were collected.