Supreme Court Grants Bail To Businessman In Rs 35,000 Crore Bike Bot Scam

The UP police earlier said that a Noida-registered firm had in 2018 hatched a multi-level marketing scheme 'Bike Bot' and lured investors with the promise of doubled returns in a year.

The Supreme Court Thursday directed that a businessman, who is in custody in connection with the alleged Rs 3,500 crore Bike Bot scam, be released on bail and asked him to deposit Rs 10 crore as a "pre-condition" for the relief. The top court noted that the Allahabad High Court had in June this year directed the release of businessman Dinesh Pandey on bail after recording a clear finding that he was not named in the FIR and that he wasn't a director, office bearer or manager of the private firm which had launched the Bike Bot scheme which allegedly defrauded lakhs. Dinesh Pandey's counsel said he has not been released as the police kept coming up with new FIRs that had not been disclosed to him earlier. The Uttar Pradesh police had earlier said that a Noida-registered company had in 2018 hatched a multi-level marketing scheme 'Bike Bot' and lured investors with the promise of doubled returns in a year.