Bike Bot owner sent to police custody by Delhi court in connection with Rs 1,300 crore fraud case

The owner of a motorcycle taxi firm, Bike Bot, has been sent to three-day police custody by a Delhi court in one of the cases related to the alleged Rs 1,300 crore fraud.

The firm allegedly duped over two lakh investors of more than Rs 1,300 crore through a ponzi scheme.

Chief Metropolitan Magistrate (CMM) Purshottam Pathak sent Sanjay Bhati to custody on Monday after police said his custodial interrogation was required to unearth the entire conspiracy.

There are more than 30 cases registered against Bike Bot for various offences, including fraud, forgery criminal intimidation and criminal conspiracy.

The Crime Branch of Delhi Police had sought seven days' custody, which was opposed by advocates Samvedna Verma and Amit P Nagar, both appearing for Bhati.

Verma told the court that the custodial interrogation was not required since no further recovery was to be done.

Considering the facts, the court granted three-day custody to the Crime Branch.

The company's bike taxis have been operating in districts like Gautam Buddh Nagar, Ghaziabad, Hapur and Bulandshahr in western Uttar Pradesh, while its network is also active in states like Rajasthan, Madhya Pradesh and Haryana.

The investors, mostly retired and serving government officials, invested Rs 62,100 each in the 'multi-level marketing' scheme that promised doubling the amount within a year, the FIR said.