Unmasking the 'Ponzi King' of Gujarat: Bhupendrasinh Zala's Multi-Crore Deception

Bhupendrasinh Zala, accused of running a Ponzi scheme, collected Rs 450 crore from 11,000 investors through 17 offices in Gujarat from 2020 to 2024. Arrested after a month-long manhunt, Zala promised high returns through BZ Financial Services without regulatory approval, defrauding numerous investors.

Bhupendrasinh Zala, alleged mastermind behind a massive Ponzi scheme, reportedly amassed Rs 450 crore by enticing 11,000 investors over four years in Gujarat. The operation spanned 17 offices, targeting innocent individuals with promises of hefty returns under his firm, BZ Financial Services.

Zala's arrest on December 27, following a protracted fugitive status, has led to a deeper probe into his operations. According to Deputy Inspector General of Police (CID-Crime) Parikshita Rathod, Zala purchased assets worth Rs 100 crore while defaulting on promised payouts.

The state CID's investigation reveals Zala's lack of authorization from financial regulators like the RBI. His initial success in meeting high-return promises, achieved through a network of commissioned agents, was a ploy to build investor trust. Additional arrests linked to the scam suggest further layers of complexity awaiting discovery.

(With inputs from agencies.)