Bike taxi firm's additional director held for investment fraud

An additional director of motorcycle taxi firm, Bike Bot, accused of duping 2.25 lakh investors of nearly Rs 1,400 crore, has been arrested, police said Tuesday.

Accused Vinod Kumar Chauhan, who was evading arrest in the case, was held near Gaur Chowk in Greater Noida on Monday, they said.

Garvit Innovative Promoters Limited (GIPL), a Greater Noida-based company, lured investors with a multi-level marketing scheme, "Bike Bot", promising to double returns in one year, the police said.

It sought Rs 62,100 in investment for a motorcycle taxi and assured monthly returns, besides doubling the investment amount in just one year. However, it failed to deliver on the promise, they said.

The scheme's mastermind, Sanjay Bhati, and a franchise head, Vijaypal Kasana, are already behind the bars. Police had launched a clampdown on Bike Bot earlier this month after receiving nearly three dozen complaints of fraud against the firm.

"Vinod Kumar Chauhan, in his 30s, worked as an additional director in the company and had joined it in 2017. A Toyota Fortuner, which he had bought using the money earned from the commission, has also been impounded," a police spokesperson said.

Noida Economic Offences Wing in-charge Sheelesh Yadav said so far three officials of the firm, including its chief Bhati, have been arrested.

"Around 17-18 others from the company are also accused in the case which is registered at the Dadri police station. Searches are underway to arrest them and unearth other details related to the case," Yadav, who is leading the probe in the case, told PTI.