Document details
| Document | Press Release, Enforcement Directorate |
| Date | 06.10.2021 |
| Issuing authority | Enforcement Directorate (ED) |
| Record type | Official press release — not an RTI reply |
| Compiled by | Kamesh |
| Subject | Provisional attachment of assets worth Rs. 112.36 Crore belonging to Garvit Innovative Promoters Ltd., its promoter Sanjay Bhati and other associate entities in the BIKEBOT scam |
| Institution named | Arni University, Kangra, Himachal Pradesh — University, land and buildings attached |
| Law | Money laundering investigation; earlier attachment confirmed by the Adjudicating Authority (PMLA), New Delhi |
| Pages | 2 |
Contents of the press release
This record is an Enforcement Directorate press release, not an RTI reply. Its statements are set out below as reported by ED.
| No. | Matter | What ED states |
|---|---|---|
| 1 | Attachment in this action | Assets worth Rs. 112.36 Crore provisionally attached, belonging to Garvit Innovative Promoters Ltd., its promoter Sanjay Bhati and other associate entities in the BIKEBOT scam. |
| 2 | Assets attached | Immovable properties worth Rs. 107.01 Crore: flats in the “Saga Habitat” project of M/s Zenith Township Pvt Ltd; University, Land and Buildings of Arni University, Kangra, Himachal Pradesh; under-construction towers in the “Amadeus” project of M/s Saha Infratech Private Limited; under-construction towers in the “White House Project” of Nobel Build tech; and movable properties (FDRs/TDRs) worth Rs 5.35 Crore. |
| 3 | Earlier attachment | On 20.07.2020 ED had provisionally attached assets worth Rs 103.73 Crores, confirmed by the Adjudicating Authority (PMLA), New Delhi — 26 immovable properties and 22 bank accounts, including Snow Touch Resort in Manali and commercial space in Grand Venezia Commercial Towers, Greater Noida. |
| 4 | Basis of investigation | FIRs registered at Dadri police station, Gautam Budh Nagar, against M/s Garvit Innovative Promoters Ltd. (GIPL), its promoter Sanjay Bhati and others. |
| 5 | Scheme described | Investment plans floated from Aug-2017 in the guise of a bike taxi service named BIKEBOT: customers could invest in 1, 3, 5 or 7 bikes for monthly rent, EMI and bonus, with incentives for adding investors in a binary MLM structure. Collections and repayments continued till early 2019; E-Bike plans floated in Nov-2018 at almost double the investment amount. |
| 6 | Searches and arrest | Searches at 16 locations; one key person, Manoj Tyagi, arrested and a Prosecution Complaint filed against him. A survey at a co-operative bank in Noida revealed suspicious transactions and the role of banking officials. |
| 7 | Use of funds | “Bank account analysis reveals that the fund has been diverted to purchase some immovable properties in the name of Garvit Innovative Promoters Ltd and also to take Control of the Trusts running the various Institutes.” |
| 8 | Total and status | Total attachment in the case reached Rs. 216.09 Crore. “Further investigation is in progress.” |
Key findings
Arni University assets attached
ED lists the university, land and buildings of Arni University, Kangra, Himachal Pradesh among immovable properties provisionally attached.
Funds used to take control of trusts running institutes
ED states funds were diverted to buy properties and to take control of trusts running various institutes, with a huge fund parked without proper documentation.
Rs. 216.09 Crore total attachment
With the 06.10.2021 action, total attachment in the case reached Rs. 216.09 Crore.
Earlier attachment confirmed under PMLA
The 20.07.2020 attachment of Rs 103.73 Crores was confirmed by the Adjudicating Authority (PMLA), New Delhi.
Investigation ongoing at the time
ED stated that further investigation was in progress.
Timeline from the record
BIKEBOT investment plans floated
Bike taxi investment plans with MLM incentives.
E-Bike plans floated
At almost double the petrol-bike investment amount.
Collections and repayments continue till early 2019
First provisional attachment — Rs 103.73 Crores
Later confirmed by the Adjudicating Authority (PMLA).
Rs. 112.36 Crore attached, including Arni University
Total attachment reaches Rs. 216.09 Crore.
What this record shows:
- ED announced on 06.10.2021 that the university, land and buildings of Arni University, Kangra were provisionally attached in the BIKEBOT scam investigation.
- ED's stated findings on diversion of funds to buy properties and take control of trusts running institutes.
What it does not show:
- It does not state whether Arni University's degrees or recognition were affected.
- A provisional attachment is not a conviction; the press release does not record the final outcome of proceedings.
- It does not say which trust or institute was controlled, beyond the assets listed.
Every statement on this page is drawn from the official document described above. Readers should rely on the original document and the issuing authority for any decision.