Gujarat Ponzi scam: Main accused collected ₹360 cr, bought properties worth ₹100 cr

Ahmedabad, Dec 20 (PTI) The Gujarat police's probe into a 'ponzi' scam has revealed that people had invested Rs 360 crore in four years into four bank accounts of absconding main accused Bhupendrasinh Zala, who used Rs 100 crore to buy 17 properties, an official said on Friday.

Properties worth Rs 100 crore, five cars worth Rs 9 crore, including a Porsche, have been seized as part of the probe against Zala, who is on the run, CID Crime Superintendent of Police Himanshu Verma said.

"Four bank accounts linked to Zala's four entities, including BZ Financial Service, received Rs 360.72 crore between 2020 and 2024. He spent Rs 100 crore to buy 17 properties. In one of the branches of BZ Financial Services, investors had paid nearly Rs 52 crore in cash, which was then diverted elsewhere by Zala using hawala channels," said Verma.

A lookout circular has been issued against Zala, who has been booked along with associates in three cases, he told reporters.

The alleged scam was unearthed in November when the CID found suspicious transactions in the bank accounts of Zala, who is accused of defrauding people by offering 36 per cent annual return on deposits, as per police.

The probe also found that five to six cricketers and several schoolteachers were among the investors in the scheme floated by Zala, a resident of Himatnagar taluka in Sabarkantha district.

Based on inputs received through an anonymous application, the police put Zala's activities under surveillance last month and learnt he had opened offices in north Gujarat, Gandhinagar and Vadodara to collect deposits from unsuspecting people, the CID said in a statement.

"Zala used to identify himself as the CEO of BZ Group and would collect deposits from people in an illegal manner as he never had any approval from RBI or any other authority. To win people's trust, he used to initially pay investors the promised returns. He had appointed agents on commission basis to lure people," the CID release added. PTI