The Enforcement Directorate today conducted searches at around a dozen locations in Delhi and Uttar Pradesh in connection with its money laundering probe against a Noida-based firm alleged to be involved in a ponzi scam, officials said.
They said the raids are being conducted at about 12 premises in Delhi, Noida and Lucknow under the Prevention of Money Laundering Act (PMLA) in connection with the 'Bike Bot' case.
The searches are aimed to collect additional evidence and documents to take forward the probe in the case, the officials said.
The Greater Noida-headquartered Bike Bot taxi service is accused of duping Rs 3,000 to Rs 4,000 crore from 2.25 lakh investors in multiple states including Uttar Pradesh, Madhya Pradesh, Rajasthan and Haryana.
Over a dozen company officials including the chief of Bike Bot company, Sanjay Bhati, have been arrested by the Noida Police. A few others wanted in the case are absconding.
The Garvit Innovative Promoters Limited (GIPL) company in Greater Noida had come out with multi-level marketing scheme "Bike Bot" and lured investors with a promise of double returns in an year.
They sought Rs 62,100 in investment for a motorcycle taxi and assured monthly returns besides double the investment amount in just one year but failed to deliver on the promise, as per the police.
The bike-taxis have been operating in districts like Gautam Buddh Nagar, Ghaziabad, Hapur and Bulandshahr in western Uttar Pradesh, while its network was also active in states like Rajasthan, Madhya Pradesh, Haryana, among others, officials said.
The company had used internet, social media, pamphlets, and motivators to spread word about the scheme and encourage gullible people to invest in it.
The investors would be further assured of some extra bonus if they could connect more investors with the scheme.