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Delhi-NCR Based Company Robs Investors with Army Background Through Ponzi Scheme, claims Bike Boat Union

30 Jun 2019 09:06 PM, IST

Delhi-NCR Based Company Robs Investors with Army Background Through Ponzi Scheme, claims Bike Boat Union
Members of All India Bike Boat Taxi Union Protest at Jantar Mantar (Indiatomorrow.net)

India Tomorrow

New Delhi, June 30—Scores of people protested at Jantar Mantar today against a Delhi-NCR based company named ‘Garvit Innovative Promoters Limited’ and demanded their hard earned money back after they claimed that the company ran away with their money.

“The company had promised to provide employment under the self-employment scheme run by the central government. They had issued severed bikes for commercial use and invited people to become stakeholders by investing Rs. 62,000 per bike which would be run for commercial purposes, with a fee of Rs. 4500 and EMI pegged at Rs. 5,175. The bikes were registered by the RTO and owners were earning money for the last one and a half month by putting their bikes on road, which anyone could book for a ride using certain Apps. But since 2019 January, the company stopped paying the returns to the owners. Franchises were being rapidly distributed. By that time, it was revealed that a huge number investors had put in their lifetime savings in the scheme. I had invested 25 lakhs in this scheme, all gone. Mostly people affected with this fraud are from army as the Director. It could be a scam worth 42,000 cr,” said a retired Subedar Major in the army who came in from Rajasthan to address the protest gathering.

According to the All India Bike Boat Taxi Union, which had organized the protest, around 90% people investing in the scheme were from army background.

“In the beginning our FIR was compromised because the one who had lodged the report against the report turned hostile after he received a good sum of money to do the same. So we had to fight this battle from the scratch, now at least 150 people have registered their FIR against the company and our case is strong,” said Madan Lal, convener of the protest.

“Our struggle is against the company and also the government because we have been approaching Uttar Pradesh government with our grievances for four months now but we have realized that neither UP government nor the administration is ready to listen to us. So we want our voices to reach central government and we want that our case should be handed over to the CBI, and all our money invested in that ponzi scheme should be returned,” said Nitish Giri from Ghaziabad, who also heads the UP chapter of Bike and Boat Union.


 “A Gurugram based company had asked us to invest Rs.62,000 as individuals per bike and we did and kept getting our returns for a year but since January this year all payments have closed. There are so many people who have sold their lands and cattle and mortgaged their property for this. Some people took bank loans while some, personal loans, and they all have lost their money. However, one of the main mastermind in the scam, Sanjay Bhati, has been arrested and is currently under police custody but we still have to see how our struggle will turn out,” said a protester present in the agitation.

“I was working as a clerk in the Indian Army when we got to know about this scheme. While investing in the scheme, we had checked documents are at that time they appeared to be genuine. But now we have discovered that they broke our trust. People have lost all their money in this fake scheme as they sold their lands also to put as many bikes as they could on the road. I had myself invested bikes. We now ask the government to get our money back. Even media hasn’t shown our plight properly,” said Mohan Pratap Singh, armyman.


“The company lured the victims by showing them a specific yellow coloured bike which could be used commercially. People thought it to be a genuine scheme and began investing in it. Each family got multiple bikes issued and hence now they have colossally lost their money. Tell me, without government approval how could so many RTOs can be authorized in the name of one company? It means the government has role to play in it,” asked Kapil, a jawan who quit his job in the Army with the dream of earning money through the ponzi scheme.





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