ED Attaches Assets Worth Rs 5 Crore in Hello Ride Money Laundering Probe

The Enforcement Directorate has attached fresh assets worth over Rs 5 crore in a money laundering case against Uttar Pradesh-based bike taxi aggregator Hello Ride and its promoters. The total attached properties, now valued at Rs 7.73 crore, include agricultural land and plots in Uttar Pradesh.

The Enforcement Directorate on Thursday announced the attachment of fresh assets worth over Rs 5 crore in connection with a money laundering case against Hello Ride, a bike taxi aggregator based in Uttar Pradesh, and its promoters.

The agency stated that a provisional order under the Prevention of Money Laundering Act (PMLA) was issued against Hello Ride Limited, its directors, presidents, agents, and others involved. The attached properties, which encompass agricultural land and plots in Prayagraj, Kanpur, and Lucknow, have a total value of Rs 5.35 crore.

Previously, the ED had frozen properties valued at Rs 2.38 crore in this case, bringing the total attachment to Rs 7.73 crore. The money laundering investigation began after around three dozen FIRs were lodged by the Uttar Pradesh Police against the company and its promoters, including Abhay Kumar Kushwaha and others. Allegations indicate that Hello Ride collected large deposits by promising high returns on investment, amounting to Rs 10.93 crore, which was used to purchase undervalued properties involving substantial cash transactions.

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