The Enforcement Directorate has said that they have arrested a person from Uttar Pradesh who is a member of the Samajwadi Party. They raided his house in Noida as part of an investigation into money laundering related to the ‘Bike Bot’ scam. The person’s name is Dinesh Kumar Singh, also known as Dinesh Singh Gujjar. He was arrested on July 21 and a special court has given him to the custody of the Enforcement Directorate until July 26. The case of money laundering comes from complaints made by investors about the ‘Bike Bot’ fraud done by Garvit Innovative Promoters Ltd. (GIPL), its promoter Sanjay Bhati and others are accused of creating a fraudulent investment scheme called ‘BIKE BOT’ in 2017. Under this scheme, customers could invest in bikes that would be maintained and operated by the company. The investors would receive monthly rental, EMI, and bonus payments. The collected funds were used in a Ponzi scheme and to create assets for the company and others. Dinesh Singh Gujjar, a state secretary of the Samajwadi Party, helped locate beneficiaries of the scam’s proceeds and used his connections with ED officials to pressure victims into giving money. The ED found incriminating evidence during the investigation.
