Shubman Gill, 3 Gujarat Titans players linked to Rs 450 crore Ponzi scheme investigation: Report
Ahmedabad: One of India’s top cricketers, Shubman Gill, is among four Gujarat Titans players who the Gujarat CID Crime Branch might summon in connection with a Rs 450 crore Ponzi scheme, reported Ahmedabad Mirror.
The other players allegedly involved are Sai Sudharsan, Rahul Tewatia, and Mohit Sharma.
This development comes in the wake of the interrogation of the alleged mastermind of the scheme Bhupendrasinh Zala, who reportedly admitted to failing to return the investments made by these cricketers.
According to the report, Gill, who captained the Gujarat Titans during the 2024 IPL season, had invested Rs 1.95 crore in the scheme.
Meanwhile, Mohit Sharma, Rahul Tewatia, and B Sai Sudharsan are said to have invested smaller amounts.
As Gill is currently in Australia with the Indian Test squad, the summons for the players is expected to be issued at a later date.
Bhupendrasinh Zala, the accused operator of the Ponzi scheme, is from Himmatnagar in Sabarkantha, Gujarat.
Between 2020 and 2024, Zala is alleged to have defrauded over 11,000 investors of Rs 450 crore through his company, BZ Financial Services.
He enticed investors with promises of an annual return of 36 percent, initially honouring these promises to gain trust before eventually defaulting.
To expand his operations, Zala employed agents on a commission basis, attracting investments of over Rs 1 crore from some individuals. He is believed to have used the collected funds to acquire movable and immovable assets worth Rs 100 crore.
After evading authorities for nearly a month, Zala was arrested on December 27, 2024, in Gujarat’s Mehsana district.
He remains in custody until January 4, 2025.
Alongside him, seven other individuals linked to the scam have also been arrested.
The investigation is ongoing, aiming to uncover the full extent of Zala’s fraudulent activities.
Authorities are probing his network of agents, his modus operandi, and the scope of his assets in efforts to recover the funds lost by investors.
Among the defrauded investors are prominent names, including Shubman Gill and the three other cricketers.
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