Cricketers and Teachers Entangled in Gujarat Ponzi Scam

Several cricketers and schoolteachers in Gujarat have fallen victim to a fraudulent investment scheme orchestrated by Bhupendrasinh Zala. Despite police efforts, many victims are hesitant to come forward, but three FIRs have been filed. The scheme promised high returns and used celebrities to build credibility.

A shocking Ponzi scam has ensnared several prominent individuals, including cricketers and schoolteachers, in Gujarat. The fraudulent scheme was the brainchild of Sabarkantha district resident Bhupendrasinh Zala, who is now on the run, according to Gujarat police.

The state CID has been relentless in its pursuit, already filing three FIRs against Zala. The financial machinations promised astronomical returns to entice unsuspecting investors, including cricketers who reportedly sunk up to Rs 2 crore into the scheme.

Zala's firm, BZ Financial Services, was a facade for the scam, exploiting the trust of its clients. Despite its initial appearances, the operation had no legal backing and lured in victims with promises of assured returns, which were actually paid using funds from new investors.

(With inputs from agencies.)