Ponzi Scheme Uncovered: Bhupendrasinh Zala's Arrest Shakes Gujarat

Bhupendrasinh Zala, accused of running a Ponzi scheme attracting over Rs 360 crore in investments, was arrested by Gujarat's CID in Mehsana. Zala was hiding after being on the run for a month. The scheme lured investors with high returns, which were initially fulfilled to gain trust.

The Gujarat Crime Investigation Department has apprehended Bhupendrasinh Zala, the alleged mastermind behind a Ponzi scheme that swindled investors out of more than Rs 360 crore. Zala was arrested from a farmhouse in Mehsana after a month on the run.

Authorities allege that Zala attracted investments by offering a 36 percent annual return through his firm, BZ Financial Service. The CID revealed that Rs 100 crore of investor funds were used to acquire 17 properties.

In addition to luxury properties, police seized five high-end cars, including a Porsche. The investigation found Zala had set up offices across North Gujarat to collect deposits without regulatory approval. His scheme involved paying initial returns to investors before defaulting.

(With inputs from agencies.)