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‘Bike Bot’ scam explained: How Noida-based firm duped 2 lakh investors of Rs 15,000 crore

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A new scam, much bigger than the infamous Punjab National Bank (PNB) scam, has been unearthed by the Central Bureau of Investigation (CBI). The ‘Bike Bot’ scam, being operated from Uttar Pradesh’s Noida, is estimated to be worth over Rs 15,000 crore.

The CBI believes that Sanjay Bhati, a resident of UP, allegedly duped over two lakh investors to the tune of Rs 15,000 crore through a very simple investment scheme.

But how did he manage to commit such a big fraud? Well, it all started in the year 2010.

READ: Karnataka Bitcoin Scam: Meet ‘Big Boss’ Srikky, the hacker who hoodwinked police

Sanjay Bhati, the alleged mastermind, along with his family members, incorporated a real estate company by the name of ‘Garvit Innovative Promoters Limited’ on August 20, 2010. The company was being run from Greater Noida with almost negligible business.

With the intention of making quick money, Sanjay Bhati, through his firm, in the month of August 2017, launched a scheme…

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