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Noida's 'Bike For You' ponzi scam accused held, 6 motorcycles recovered

The Noida (Gautam Buddh Nagar) police on Sunday said it has arrested one person in connection with a ponzi scheme through which crores of rupees had been collected from gullible investors. The accused, Abhilaakh Singh alias Ashu, was absconding for a long time and was nabbed on Saturday from his home in Etah district of Uttar Pradesh by a team from Phase III police station here, officials said.

PTI PTI
Noida Updated on: July 13, 2020 11:17 IST
Noida Police Bike For You Ponzi scheme man arrested scam
Image Source : PIXABAY

Noida Police has held one of the key accused in Bike For You Ponzi scheme that robbed people by asking to invest money for better returns. (Image by Gerd Altmann from Pixabay)

The Noida (Gautam Buddh Nagar) police on Sunday said it has arrested one person in connection with a ponzi scheme through which crores of rupees had been collected from gullible investors. The accused, Abhilaakh Singh alias Ashu, was absconding for a long time and was nabbed on Saturday from his home in Etah district of Uttar Pradesh by a team from Phase III police station here, officials said.

Ashu was involved in running the 'Bike For You' taxi scheme. As part of the scheme, gullible people were lured into investing Rs 6,200 by promising them better returns in a short period of time, a police spokesperson said.

Crores of rupees were collected by 'Bike For You' by duping people, the spokesperson said.

'Bike For You', officially known as E-Wheel Transit Solution Private Limited, is a company based in Sector 63 here.

"Ashu's arrest also led to the recovery of six motorcycles which he had hidden in the basement of a warehouse in Etah," the spokesperson said.

In June 2019, the district police had arrested three employees of 'Bike For You'.

'Bike For You' worked on the lines of the 'Bike Bot' ponzi scam. Around 2.25 lakh investors were duped in the nearly Rs 1,400 crore 'Bike Bot' scam.

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