Overview

• The Enforcement Directorate said the newly attached assets are held in the names of Kamakhya Educational and Social Welfare Trust, Kamakhya Educational Society, Guru Nanak Charitable Trust, Alpine Technical Education Society, AP Goyal Charitable Trust and Meena Anand.
• The order covers immovable properties and released mortgaged land valued at Rs 389.30 crore at the time of the offence, along with fixed deposits of Rs 5.12 crore, totaling Rs 394.42 crore.
• The money laundering probe stems from multiple FIRs by Uttar Pradesh Police based on investor complaints against Garvit Innovative Promoters Ltd, its promoter Sanjay Bhati and others over the Bikebot investment scheme.
• According to the ED, funds raised through the scheme were diverted to related companies and layered through trusts and individuals to buy properties in Meerut and to release previously mortgaged assets from banks.
• Earlier actions include searches in 2020 and 2023, attachments worth Rs 220.78 crore, and a prosecution complaint plus three supplementary complaints filed before the special court in Ghaziabad, with further investigation continuing.