Gujarat Ponzi Scheme: The Rs 360 Crore Deception of Bhupendrasinh Zala

The Gujarat police have discovered a Ponzi scheme led by Bhupendrasinh Zala, involving Rs 360 crore over four years. Properties worth Rs 100 crore were bought, and a lookout has been issued for Zala, who offered unsuspecting investors 36% annual returns without any official approvals.

In a shocking revelation, the Gujarat police have disclosed a massive Ponzi scheme involving Rs 360 crore, orchestrated by the elusive Bhupendrasinh Zala. The scandal, spanning four years, has left investors reeling after Zala allegedly duped them with the promise of lucrative returns.

Zala, the prime accused, has reportedly invested Rs 100 crore in acquiring 17 properties and used financial maneuvering to disguise the scam. As legal proceedings intensify, law enforcement has seized assets including properties and luxury cars valued at Rs 9 crore. Authorities are also scrutinizing Zala's unapproved operations under the banner of BZ Financial Service.

The alleged fraud came to light in November after suspicious bank transactions were detected, revealing a web of deceit involving prominent figures like cricketers and schoolteachers. As the investigation deepens, a nationwide alert has been issued to track down Zala, who remains at large.

(With inputs from agencies.)