Under the terms of the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has temporarily attached 28 immovable properties in the form of agricultural land parcels valued at Rs 2.38 Crore. These real estate holdings were registered under the name of M/s Hello Ride Ltd.’s affiliate firms, which are based in Mohanlalganj, Lucknow, and were temporarily attached on December 15, 2023.
The U.P. Police filed several FIRs in 2019 against M/s Hello Ride Limited and its directors, Mohd. Azam Ali, Neelam Verma, Nikhil Kushwaha, and Abhay Kumar Kushwaha. These FIRs served as the basis for the ED’s probe.
The ED investigation found that the directors of M/s Hello Ride Ltd. introduced a bike taxi scheme under the name “Hello Ride,” emulating Ola and Uber services. In exchange for an investment of Rs. 61,000 per bike, the business claimed to pay Rs. 9,585 per month for 12 months. The public made deposits totalling Rs. 72 crore to M/s Hello Ride Ltd. because of the appeal of such a large return on investment, but the business broke its promise, leaving investors high and dry and putting them at risk of losing money.
According to the ED’s investigation, all of the attached properties were obtained using criminal activity using investor deposits made between 2018 and 2019. Additionally, it was disclosed that M/s Hello Ride Ltd. received the money right away. Taken from the account of affiliated companies and their agents by the directors of these companies to purchase the aforementioned attached properties.
As the inquiry progresses, the ED is resolute in its pursuit of revealing the complete scope of the financial anomalies executed by M/s Hello Ride Ltd. The case is a clear reminder of how crucial it is to have strict regulatory controls and monitoring in place to protect investor interests and preserve the stability and confidence of the financial system.
