Cricketers Duped: Inside the Rs 175 Crore Ponzi Scheme

A fraudulent Ponzi scheme in Gujarat has ensnared five to six cricketers and numerous schoolteachers, with investments totaling up to Rs 2 crore. The scheme's mastermind, Bhupendrasinh Zala, is now on the run and accused of defrauding investors with promises of high returns. Three FIRs have been filed.

A Gujarat-based Ponzi scheme has caught prominent cricketers and schoolteachers in its web, defrauding them of significant sums, a CID official revealed during a probe. Bhupendrasinh Zala, the alleged mastermind, has absconded, leaving a trail of financial deception involving Rs 175 crore.

The swindled cricketers, whose names remain undisclosed, allegedly invested up to Rs 2 crore, drawn in by promises of high returns. Typically, Ponzi schemes rely on funds from new investors to pay existing ones, providing an illusion of profitability and enticing more people to invest.

Gujarat CID has initiated three FIRs against Zala, who claimed to be the CEO of now-scrutinized BZ Financial Services. Further investigation revealed numerous teachers also suffered losses to the fraudulent scheme. Authorities urge victims to come forward to fortify the case and ensure justice.

(With inputs from agencies.)