Enforcement Directorate has attached the properties of Hello Ride Limited, its director, presidents, agents and other worth 5.35 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached properties include one movable and 20 immovable properties.
properties were in districts of Prayagraj, Kanpur, and Lucknow and consisted of residential plots and agricultural holdings.
Several FIRs filed by the Uttar Pradesh Police in the Vibhuti Kand police station in Lucknow under IPC sections 406 for criminal breach of trust, 409 for criminal breach of trust by public servant, and 420 for cheating against Abhay Kumar Kushwaha, Neelam Verma, Nikhil Kushwaha, Rajesh Pandey, Shaqeel Ahmad, Ragini Gupta, and others served as the basis for the Enforcement Directorate’s investigation
According to the officials, the inquiry showed that Abhay Kushwaha and his friends committed crimes that violated the PMLA, 2002, in order to create proceeds of crime.
Similar to services offered by aggregators like Ola and Uber, the company introduced a bike taxi plan called Hello Ride. For an initial investment of Rs 61,000 each bike, the company pledged to pay Rs 9,585 per month for a period of 12 months.
Hello Ride and its directors and representatives obtained huge deposits from general public. They obtained deposits under the enticement of such a great return on investment. The total alleged amount in 33 FIRs is Rs 10,93,71,000.
They used undue money made between 2018 and 2019 to buy these real estate properties. The homes were bought at a documented undervalue. However, the officials claimed there was also a significant financial component to the deals.
Previously, 28 immovable properties worth Rs 2.38 crores were provisionally attached and later confirmed by the Adjudicating Authority. The total attachment in this case now stands at Rs 7.73 crores. Further investigation is under progress.
