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Vibes Of India
Vibes Of India

Gujarat CID Crime Arrests Teacher in Rs 6,000 Cr BZ Scam

| Updated: January 23, 2025 19:10

The Gujarat CID Crime Branch has arrested Vinod Patel, a schoolteacher from Modasa in Aravalli district, in connection with the ongoing Rs 6,000 crore scam involving the BZ Group. Patel is suspected of acting as an agent for the group, facilitating investments and earning substantial commissions. 

Addressing a press briefing in Gandhinagar on Thursday, SP Himanshu Verma said, “The investigation into the high-profile scam has intensified, with authorities focusing on apprehending key agents involved in defrauding thousands of investors.” 

SP Himanshu Verma

Sources indicate that Patel, a teacher at Bhemapur Primary School No 2 in Meghraj Taluka, was detained and taken to Gandhinagar for questioning. 

CID investigations have revealed that Rs 422.96 crore was collected from 11,232 investors through Bhupendrasinh Zala’s website, which offered enticing returns of 3% per month or fixed deposit-like schemes. 

“However, Rs 172.59 crore remains unpaid to investors, further raising concerns about the utilisation of the collected funds,” Verma said.

Zala, the primary accused, employed a multi-tiered agent network, offering commissions ranging from 0.5% to 1% on investments brought in by agents. 

“This structure allegedly enabled top-tier agents to accumulate crores of rupees,” the officer explained. 

Evidence suggests that Patel, like other agents, amassed wealth through his involvement, including purchasing a Mercedes car, as highlighted in viral social media videos.

The CID Crime has seized a laptop containing crucial investment records, which is now a key piece of evidence in the case. 

Investigators have also uncovered irregularities in the documentation process. 

“While 12,518 stamp papers were purchased for investment agreements, entries for 1,286 investors are missing from the records,” the officer stated. These agreements were signed on Rs 300 and Rs 100 stamp papers, sourced from local cooperative banks.

The investigation has unearthed evidence of Zala gifting iPhones and smartwatches to agents and high-value investors, with billing details for approximately 40 phones retrieved. 

“Despite collecting detailed information through investment forms, the CID Crime has encountered challenges in obtaining complete data in some areas, suggesting further revelations may emerge in the coming days,” the officer acknowledged.

Also Read: BZ Scam Probe: Over 100 Statements Recorded, 11,000 Investors Affected

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