The Gujarat Police’s CID Crime Branch has apprehended Bhupendrasinh Zala, the prime accused in the Rs 6,000 crore scam allegedly orchestrated by the BZ Group. Zala had been absconding for the past month and was finally captured based on technical surveillance and human intelligence.
Addressing a press conference, Deputy Inspector-General (CID Crime) Parikshita Rathod said that Zala had been staying at a farmhouse in Devada village near Mehsana for the past 15 days.
“Action will be taken against the owner of the farmhouse who provided shelter to Zala, as well as against those who aided the accused in the past,” Rathod said.
She also mentioned that the case is currently under further investigation, with Zala’s interrogation expected to reveal significant details.
“After his arrest, he was taken to Visnagar police station in Mehsana district by the CID team and will subsequently be transferred to Gandhinagar,” Rathod added.
The scam defrauded thousands of investors, including government teachers, retired employees, farmers and even Indian cricketers, by promising high returns and incentives.
Victims were lured with schemes offering to double their investments and additional perks such as free TVs, mobile phones and trips.
The BZ Group operated multiple companies, including BZ Financial Services, BZ International Broking Private Ltd, BZ Profit Plus and BZ Multi Trade, with a widespread presence across the state.
CID investigations revealed 27 bank accounts linked to Zala and his firms, with deposits of Rs 137.22 crore traced for the financial year 2023-24. These accounts were spread across several banks, including HDFC, IDFC, Yes Bank, ICICI, AU Small Finance Bank, Axis Bank and Himatnagar Nagarik Bank.
Seven accounts were directly under Zala’s name, while the rest were associated with his companies.
How did he operate this scam?
Zala’s schemes initially paid returns to some investors to build trust and attract more investors. For investments of Rs 5 lakh, investors were promised a 32-inch TV or a mobile phone, while those contributing Rs 10 lakh were offered a trip to Goa. Written commitments guaranteed 7% interest, with oral promises of up to 18%. This model primarily targeted government teachers, many of whom also worked as agents to recruit others.
Several Indian cricketers, including Shubhman Gill, Mohit Sharma and Rahul Tewatia, were also among the victims.
High Court Dismissed His Bail
The Gujarat High Court had dismissed Zala’s bail plea, citing strict provisions under the Gujarat Protection of Interest of Depositors Act (GPID).
Zala had sought anticipatory bail, claiming his frozen accounts could be reopened to ensure no investor lost money. He asserted that no funds were misused for personal gain and that investors received returns until the filing of the FIR.
To date, five FIRs have been registered against Zala, with raids conducted at BZ Group offices in Sabarkantha and Aravalli districts.
Also Read: Shubhman Gill, Rahul Tewatia, Mohit Sharma Duped in Rs 6,000 Cr Ponzi Scam
