Uttar Pradesh: Main accused arrested in Rs 3500 crore bike boat scam

Lucknow: The Uttar Pradesh Special Task Force (STF) arrested B.N. Tiwari, the main accused in Rs 3500 crores bike boat scam, in Lucknow on Thursday.

Tiwari is the owner of a private new channel and was carrying a reward of Rs 50,000. The Enforcement Directorate (ED), which is probing the scam, had sought help from the STF for his arrest. He was on the run for the past several months.

As many as 14 people, including Sanjay Bhati - the owner of Proud Innovative Promoters Limited – were arrested earlier since the scam was unearthed by the ED two years ago in 2019.

A senior STF officer said that the company had launched a bike boat scheme in which people were assured Rs 9765 monthly return on an investment of Rs 62,000 on a bike.

Lured by the company’s offer, thousands of people had invested in the company which was closed down overnight after duping Rs 3500 crores.

Tiwari is believed to be the mastermind behind the scheme. In the garb of a private news channel, he was doing all shady deals through the journalists he employed.

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