Ponzi scheme operator Zala collected Rs 450 cr from 11k investors: Police

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Ponzi scheme operator Zala collected Rs 450 cr from 11k investors: Police - Business Standard

Quick Summary:

During interrogation, it was revealed that Zala, through his entity BZ Financial Services, collected Rs 450 crore from unsuspecting investors by offering them unusually high returns on deposits, said Deputy Inspector General of Police (CID-Crime) Parikshita Rathod.

Alleged ponzi scheme operator Bhupendrasinh Zala collected Rs 450 crore from 11,000 investors through 17 offices he set up across Gujarat between 2020 and 2024, a police official said on Monday.

Our investigation has found he collected Rs 450 crore in four years and then purchased movable and immovable assets worth Rs 100 crore.