Gujarat Titans cricketers have been linked to a Rs 450-crore Ponzi scheme orchestrated by Bhupendrasinh Zala, the mastermind behind BZ Financial Services. The Gujarat CID Crime is investigating the players’ involvement in this large-scale financial scam that defrauded over 11,000 investors between 2020 and 2024.
Focus On Gujarat Titans And The Chit Fund Scam
The investigation has revealed that these cricketers were among the investors in the fraudulent scheme, raising concerns about their financial losses and potential involvement. The scheme operated by promising exceptionally high returns of up to 36% annually. Initially, Zala honored these claims to gain trust before defaulting on payments.
Zala, a resident of Gujarat’s Sabarkantha district, had employed agents to attract investments, offering them commissions. Several individuals invested over Rs 1 crore, unaware of the fraudulent nature of the operations. Zala utilized the collected funds to acquire assets worth Rs 100 crore, leaving many investors financially devastated.
Who Is Bhupendrasinh Zala?
Bhupendrasinh Zala, now in police custody, is believed to be the architect of this elaborate Ponzi scheme. His firm, BZ Financial Services, collected a staggering Rs 450 crore from investors over four years. After evading authorities for nearly a month, Zala was apprehended in Gujarat’s Mehsana district on December 27, 2024. His custody extends until January 4, 2025.
Seven other individuals associated with the scam have also been arrested. The police are intensively questioning agents and tracking assets to recover funds and provide relief to the victims.
The Cricketers’ Connection Under Investigation
While the names of the Gujarat Titans players involved remain undisclosed, their investments in the scheme have brought them under scrutiny. The CID Crime is closely examining their financial ties with BZ Financial Services to determine their role in the scam.
The massive scale of this Ponzi scheme has shocked the nation, highlighting the need for stringent checks on investment firms to protect unsuspecting investors from such fraudulent activities.