Three from UP held for motorcycle investment fraud in Nagpur

Nagpur, Aug 5 (PTI) Three persons from Uttar Pradesh were arrested by the Nagpur police's economic offences wing for alleged involvement in a Rs 4.5 crore fraud, an official said on Monday.

The three, identified as Sanjay Ratan Singh Bhati, Rajesh Shankarlal Sharma and Karanpal Singh Kahari Singh started a 'bike bot' scheme in October 2018 and promised investors monthly return of Rs 9,765, the official said.

"Motorcycles purchased with funds from investors were rented out and income from this was supposed to be given monthly to those who had put in money. After giving money for some months, the accused stopped doing so after July 2019," he said.

The three were arrested by an EOW team under the guidance of DCP Archit Chandak. PTI COR BNM