On Saturday, the Enforcement Directorate raided 12 locations in Lucknow, Delhi and Noida of the Bike Boat Taxi Company. The company defrauded millions of investors by running a bike taxi service on the lines of Ola and Uber.
During the raid, many important documents linking the company to money laundering were found. The Bike Boat Taxi Company collected close to INR 3000 crores by duping almost 1.75 lakh investors with false promises of huge profits. FIRs against the Bike Boat Taxi Company are lodged in Noida, Lucknow and Aliganj.
According to the ED, on Saturday, different teams raided six locations, including Vijay Khand, Rajajipuram and Para of Gomtinagar in the Bike Boat Lucknow. Apart from this, documents were also scrutinized at four places in Noida and two in Delhi.
ED teams raided locations of Pantal Technology, Pimex Plastics, Pimex Broadcast and Prerna Services. Earlier these companies belonged to Vijinder Singh alias Vijinder Hooda. Later, Sanjay Bhati, former BSP leader bought these companies. Sanjay became the Director of the Bike Boat Company. He raised the amount deposited by investors through these companies. Apart from this, ED also searched Mars Group, Accord Hydraulics, Bhasin Infotech, Nobel Buildtech. These offices were associated with The Bike Boat Company.
The ED raided two more companies – Proud Innovative Promoters and Proud Automotive, associated with Sanjay Bhati.
The ED also scrutinized documents of the associated channel about Sanjay Bhati’s stake in the channel.
The money collected from 1.75 investors was further invested in bogus loans, fake companies and trusts. By paying some commission to these funds, the operators withdrew themselves from other sources. Sanjay turned the black money into white through these fake companies. He formed many shell companies and invested investors’ money through them
The ED has traced this money trail associated with the company. Now with this, the ED will tighten its grip on the other people involved in the hawala racket. According to the investigation, Sanjay bought properties in his and his family’s name with the money from the Ponzi scheme.