Gujarat Ponzi Scheme Scandal: High Court Denies Bail to Accused

The Gujarat High Court denied anticipatory bail to Bhupendrasinh Zala, accused in a multi-crore Ponzi scheme involving cricketers and school teachers. The alleged scam, with Rs 360 crore involved and numerous properties bought, came to light through suspicious bank transactions and anonymous tips to the police.

The Gujarat High Court has turned down the anticipatory bail plea of Bhupendrasinh Zala, accused in a massive Ponzi scheme that scammed investors, including cricketers and school teachers, out of crores.

Justice MR Mengdey dismissed the plea, stating that the scale of the alleged fraud requires extensive investigation. Prosecution claims revealed that Zala accumulated Rs 360 crore through various accounts and invested heavily in properties and luxury cars.

The case surfaced after suspicious transactions flagged by the CID and numerous complaints emerged. Zala allegedly promised extravagant returns to investors, leading police to monitor his fraudulent activities across Gujarat.

(With inputs from agencies.)