India

Enforcement Directorate Attaches Properties Worth 5.35 Cr in Bike Taxi Scheme Scam

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.

Shibra Arshad

Recent Posts

India Posts $13.5 Billion Current Account Surplus In Q4 FY25: RBI

India recorded a current account surplus of $13.5 billion or 1.3% of GDP in Q4…

57 seconds ago

PM Modi Pays Tribute To Acharya Vidyanand Ji Maharaj On His Centenary Year

Prime Minister Narendra Modi launched the centenary celebrations of Acharya Vidyanand Ji Maharaj at Vigyan…

16 mins ago

Ram Temple In Ayodhya Draws Over 55 Million Devotees Since Consecration

Since the consecration of Lord Ram at the Ram Temple on January 22, 2024, Ayodhya…

18 mins ago

Over 70% Of Indian Startups Now Rely On AI For Core Business Functions: Meta Report

India’s startup ecosystem is witnessing a major shift, with over 70% of startups now integrating…

29 mins ago

India’s Economic Outlook Remains Positive Amid Global Headwinds: Finance Ministry

India’s economic outlook remains positive in the face of global turbulence, according to the Ministry…

32 mins ago

Govt’s Infrastructure Drive Spurs Manufacturing Confidence, Says Report

A Cushman & Wakefield report says 88% of Indian manufacturers made investment decisions influenced by…

45 mins ago