With the arrest of three employees of a transport firm accused of cheating, the Noida Police on Monday blew the lid off another ponzi scheme working on the lines of Bike Bot taxi service, officials said.
The Sector 63-based company 'Bike For You', officially known as E-Wheel Transit Solution Private Limited, had lured gullible people into investing Rs 60,250 each in the scheme and promised increased returns in a short period of time, the police said.
Recently a franchise director of 'Bike Bot taxi' service was arrested, while its owner turned himself in at a court here after police clampdown on the firm which is accused of duping 2.25 lakh investors similarly in a fraud estimated to be worth nearly Rs 1,400 crore.
"Complaints were being received against this fraud firm and three men have been arrested on credible evidence. This company would ask investors to pay up around Rs 60,000 and promise them double amount in return in a year but they have cheated the investors with the false promise," Senior Superintendent of Police, Gautam Buddh Nagar, Vaibhav Krishna said.
On the total amount of fraud committed by Bike For You, he said, "The police are still probing the case, which involves fraud worth crores of rupees. So far, it appears that 5,000 to 6,000 investors have been duped by the firm."
Those arrested have been identified as Bablu Yadav, Rohit Chauhan and Jeevan Singh, he said, adding SUVs and eight motorcycle have been impounded from them.
A case has been registered against them at the Phase 3 police station under Indian Penal Code sections 420 (fraud), 467, 468 (forgery related) and 120B (being party to a criminal conspiracy), he said.
Efforts are underway to nab the others involved in the racket and ascertain other details related to the fraud, the SSP said.
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