Lockdown on Lavish Assets: The 'Bikebot' Ponzi Scheme Uncovered

Assets worth over Rs 394 crore have been linked to the 'Bikebot' Ponzi scam in Uttar Pradesh. Allegedly, the scam was orchestrated by Garvit Innovative Promoters Ltd. and others. Funds were diverted to educational trusts and used to purchase properties. The Enforcement Directorate has filed multiple chargesheets in the case.

Devdiscourse News Desk | New Delhi | Updated: 31-08-2025 12:54 IST | Created: 31-08-2025 12:54 IST

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In a significant move against financial fraud, the Enforcement Directorate (ED) has seized assets exceeding Rs 394 crore associated with the notorious 'Bikebot' Ponzi scheme, based in Uttar Pradesh.

The crackdown revealed properties in the names of several trusts and societies. The ED disclosed that these assets, including mortgaged lands and fixed deposits, are valued over Rs 394 crore. The scam was allegedly run by Garvit Innovative Promoters Ltd (GIPL), spearheaded by Sanjay Bhati and associates.

'Bikebot' lured investors with promises of returns on bike investments through a Multi-Level Marketing structure. However, the funds were siphoned into related entities and trusts. The agency has previously conducted raids, attached assets worth Rs 220.78 crore, and has indicted 27 accused in this complex case.

(With inputs from agencies.)