Indian cricket star Shubman Gill, along with three other Gujarat Titans players—Sai Sudharsan, Rahul Tewatia, and Mohit Sharma—may soon face questioning by the Gujarat CID Crime Branch concerning their involvement in a Rs 450 crore ponzi scheme. According to a report by the Ahmedabad Mirror, Bhupendrasinh Zala, the alleged mastermind behind the scheme, claimed during interrogation that he failed to return the players’ investments.
Gill, who captained the Gujarat Titans during IPL 2024, reportedly invested Rs 1.95 crore in the scheme, while the other players invested smaller amounts. Currently in Australia with the Indian Test squad, Gill is expected to receive a summons at a later date. Attempts to contact Mohit Sharma for his response have so far been unsuccessful.
The Ponzi Scheme and Bhupendrasinh Zala
Bhupendrasinh Zala, the alleged operator of the fraudulent scheme, is from Himmatnagar in Sabarkantha, Gujarat. Through his company, BZ Financial Services, Zala allegedly duped over 11,000 investors between 2020 and 2024, collecting Rs 450 crore by promising exorbitant annual returns of 36%. Initially, Zala delivered on these promises to gain trust, but eventually defaulted.
Zala employed agents on a commission basis to attract high-value investments, with some individuals contributing over Rs 1 crore. Using the funds, he acquired movable and immovable assets worth Rs 100 crore. After evading authorities for nearly a month, Zala was arrested in Mehsana district on December 27, 2024. He is now in police custody until January 4, 2025.
Investigation and Recovery Efforts
The investigation into Zala’s fraudulent operations has led to the arrest of seven additional individuals. Authorities are probing Zala’s agents, operational methods, and assets to determine the full extent of his crimes and recover investor losses. Among those defrauded were prominent figures, including Shubman Gill and other cricketers.
The inquiry highlights the broader impact of Zala’s scheme, which targeted individuals from diverse backgrounds. The Gujarat CID Crime Branch’s ongoing efforts aim to uncover the intricacies of the scam, bring justice to the victims, and recover as much of the stolen funds as possible.
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