Noida: Promising returns on ‘bike cabs’, gang dupes over 5,000

Police are yet to determine the exact extent of the fraud, they have claimed the scam ran into many crores as over 5,000 people had invested in the company. (Express Photo)

Noida police have arrested three men for allegedly duping people under the garb of seeking investment for bike taxis . The accused Bablu Yadav, Rohit Chauhan and Jeevan claimed to run Bike For You , a fake cab aggregator company which promised monthly returns to customers against their investment in these bike cabs .

The arrested accused would convince customers to invest Rs 60,250 per bike. The company would tell customers that they would get a promised amount every month for the amount they invest. They would also tell them that the money would double in a year, said Vaibhav Krishna, SSP, Gautam Budh Nagar.

The properties of the accused have been seized and recoveries made. A case has been filed and we are investigating the extent of the scam, Krishna added. According to police, the accused set up a fake company office in Noida Phase 3 and advertised their scheme on multiple platforms, including social media. The accused would tell investors that of the money earned from running cab services, each investor would get Rs 9,000 per month, police said.

While police are yet to determine the exact extent of the fraud, they have claimed the scam ran into many crores as over 5,000 people had invested in the company. A jeep, an SUV Creta, a KWID and eight bikes bought allegedly from the fraud money has been recovered, said police. A case under IPC section 420 (cheating) and other relevant sections has been filed at Phase 3 police station.

This is the third multi-crore bike taxi scheme found to be operating in Noida-Greater Noida region. A BSP leader, Sanjay Bhati, had earlier surrendered in court for being wanted for running a scheme called Bike Bot , which allegedly duped thousands of people by taking investments for a bike taxi. In another case, an FIR was filed against a couple for allegedly duping a man, allegedly through a bike taxi scheme called Go Way, which promised to double his money in a year. The two accused are absconding.