A lookout notice was issued against Pandey: Arrested from Airport when he came from Dubai
Dinesh Pandey, a cash-buyer of ships coming to the Alang ship breaking yard for demolition, has been arrested in the Rs 3500 crore multi-level marketing system bike boat scam.
The Uttar Pradesh Police’s Economic Crimes Branch, Meerut Sector team, arrested Pandey from Delhi airport they have come.
The bike boat scheme floated in 2018, with Garvit Innovative Pvt Ltd. In (GIPL), rs. 3500 crore was raised from 2.25 lakh investors, who were asked to double the number of investors in one year. So far, 19 people have been arrested in the scam.
When the case against Dinesh Pandey was filed, he had fled to Dubai, and a lookout notice was served against him by the organization. He was arrested at the airport on his way from Dubai to Delhi.
Meerut, Dinesh Pandey, Sanjay Bhati and Birendra Singh Huda joined together and invested money in According to Sp Ramsuresh Yadav of various companies, in the property.
About Rs 150 crore came from proud innovative and independent TV. When asked about the account, He had returned only 60 crores to The Proud and Independent TV and the rest of the money was invested elsewhere by Dinesh Pandey.
The money invested in GIPL by investors was being deposited in large quantities. Dinesh Pandey was the chief architect of the scheme.
Pandey along with Badrinarayan Tiwari, Bijendra Hooda, Sanjay Bhati, along with Vijay Kumar of Nobel Co-operative Bank, opened accounts of various companies in the bank, transferred the money of investors deposited into the accounts of GIPL and Independent TV and other allied companies, and then transferred the money to the accounts of small companies, charitable institutions.
Ships sold by Dinesh Pandey in Alang were often in dispute. The shipbreakers of Alang was looking at them with suspicion and keeping distance.
Also read: https://www.shippinginbox.com/circumstances-in-the-alang-yard-for-12-cruise-ships-to-demolish-in-2-months/
Leading English daily newspaper “The Times of India” reported that officers of the Economic Offences Wing (EOW) of Uttar Pradesh state police arrested Dinesh Pandey on 20 November at the Delhi airport where he had arrived from Dubai.
Whereas, TradeWinds claimed that “Pandey did not immediately respond to TradeWinds’ messages left on his mobile phone.”
TradeWinds added that Robert Reid, Somap’s London-based vice president, replied that he had no more information than what is available in press reports.
Toxic waste laden tanker heading towards Alang raised eyebrows and many media opposed it. India warns of ‘toxic tanker’ on the way to Alang Evergreen Marine ship sold for green scrapping in India is beached in Bangladesh.
This year, Indian media has chronicled a series of arrests in the so-called Bike Bot scam. The multilevel marketing scheme is being investigated by the EOW office in Meerut, near Pandey’s home of Noida in the suburbs of New Delhi.
Starting in 2018, Bike Bot promoters connected to a company called Garvit Innovative Private Ltd solicited investments to purchase motorcycle taxis, with a promise of doubling investors’ money within a year. They allegedly persuaded 225,000 would-be investors to part with some INR 35bn ($472m) on the Bike Bot scheme.
Garvit was led by Sanjay Bhati, who is among 19 people reportedly arrested in the Bike Bot investigation this year, up to and including Pandey. Banker Vinay Sharma, of the Noida-based Noble Co-operative Bank, was also arrested the day before Pandey.
The Times of India cited EOW investigators as believing Pandey was the scheme’s main money launderer.
However, the reports did not mention Pandey’s ship recycling business or Somap in connection with money laundering.