The Gujarat CID Crime branch is set to summon Shubman Gill, Rahul Tewatia, Mohit Sharma, and B Sai Sudharsan in connection with the ₹450 crore chit fund scam. This follows an investigation into Bhupendrasinh Zala, a key figure in Ponzi schemes, who revealed that he had not repaid the money invested by these players. According to CID officials, as reported by Ahmedabad Mirror, Gill, the Gujarat Titans IPL captain, invested ₹1.95 crore, while the other players made smaller investments.
The authorities stated that the players would be called for questioning as per their availability. Further details reveal that Rushik Mehta, who managed Zala's accounts, was apprehended by the CID. An official was quoted by Ahmedabad Mirror saying, "If Mehta is found involved, we will take appropriate action. We have deployed accountants to scrutinize bank transactions and Zala's unofficial account book, which has been seized. Raids have been ongoing at multiple locations since Monday."Initially, CID investigations suggested Zala defrauded up to ₹6,000 crore, but further findings have reduced the figure to ₹450 crore.
What is the Bhupendrasinh Zala Scam
Bhupendrasinh Zala, a resident of Himmatnagar, founded BZ Financial Services, BZ Traders, and BZ Group of Companies, becoming its CEO.He opened offices in various locations and activated agents in Talod, Ransan, Himmatnagar, Vijapur, Modasa, Malpur in Aravalli, Gandhinagar, and Vadodara districts to collect money from investors. They attracted investors by offering high returns and prizes. For example, an investment of ₹5 lakh promised a 32-inch TV, while a ₹10 lakh investment offered a trip to Goa.
Additionally, a written guarantee of 7% interest on investments and fixed deposits, along with an 18% return on investment, was provided.Zala collected ₹6,000 crore from investors, with financial transactions involving ICICI and IFC banks. Transactions worth ₹175 crore were carried out through these two accounts.
