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The Gujarat Criminal Investigation Department (CID) is poised to summon four players from the Gujarat Titans (GT) cricket team in connection with a massive Rs 450 crore Ponzi scheme. This development follows the arrest and interrogation of Bhupendrasinh Zala, the alleged mastermind behind the fraudulent investment scheme. Among the players to be questioned are the prominent Shubman Gill, captain of the Gujarat Titans during the 2024 IPL season, along with Sai Sudharsan, Rahul Tewatia, and Mohit Sharma. The investigation hinges on Zala's confession, where he reportedly admitted to failing to return investments made by these cricketers, revealing a connection between the high-profile athletes and the complex financial crime.
The scale of the alleged scam is staggering. Zala, operating through his company BZ Financial Services, is accused of amassing a total of Rs 6,000 crore through transactions processed through ICICI and IFC banks. While the total scam involved Rs 6000 crore, the investigation currently focuses on Rs 175 crore. He reportedly operated across multiple Gujarat districts, including Talod, Himmatnagar, and Vadodara, utilizing a network of agents to solicit funds from investors. He attracted investors with promises of exceptionally high annual returns – a staggering 36 percent – a lure that proved irresistible to many, including the four GT cricketers. Zala's arrest on December 27th in Mehsana district, after evading authorities for nearly a month, marked a crucial turning point in the investigation. He remains in custody until January 4th, facing charges related to the fraudulent acquisition and mismanagement of investor funds.
The amounts invested by the cricketers vary. Shubman Gill, currently with the Indian Test squad in Australia, reportedly invested Rs 1.95 crore in the scheme. The other three players – Mohit Sharma, Rahul Tewatia, and Sai Sudharsan – allegedly invested smaller sums. While the CID plans to summon all four players for questioning at a later date, attempts to contact Mohit Sharma for a comment have been unsuccessful. The investigation is far-reaching, uncovering assets worth Rs 100 crore, both movable and immovable properties, amassed by Zala. Despite this significant wealth accumulation, Zala failed to honor his financial commitments to numerous investors, highlighting the deceptive nature of his operations. Seven other individuals have also been apprehended in connection with this wide-ranging financial crime.
Deputy Inspector General of Police (CID-Crime), Parikshita Rathod, underscored the seriousness of the situation and the importance of the cricketers' full cooperation in the ongoing investigation. The CID is working diligently to unravel the complexities of the scheme, tracing the flow of funds and identifying all those involved. The case underscores the vulnerability of even high-profile individuals to such sophisticated financial frauds, highlighting the pervasive nature of investment scams and the need for increased vigilance. The investigation is ongoing, and further developments are expected as the CID continues to piece together the intricate network of financial transactions and individuals implicated in the Rs 450 crore chit fund scam. The outcome of the investigation will likely have significant consequences, not only for those directly implicated but also for the wider sporting community and the regulatory landscape governing financial investments in India.
The case serves as a stark reminder of the risks associated with high-yield investment schemes, particularly those offering returns that appear too good to be true. The lure of quick profits often overshadows the inherent risks, leading individuals, regardless of their financial standing, to fall prey to fraudulent activities. The involvement of prominent sports figures like Shubman Gill further emphasizes the widespread reach of these scams and the need for greater public awareness and stricter regulatory oversight. The investigation's progress and the subsequent actions taken against those involved will be closely watched, setting a precedent for future cases and hopefully bolstering investor protection measures within the country. The ongoing investigation into the Rs 450 crore chit fund scam, involving prominent cricketers, is likely to have significant ramifications for the sporting world and the Indian financial system alike. The case highlights the importance of due diligence and caution when considering high-yield investment opportunities, underscoring the need for greater transparency and accountability in the financial sector.
Source: Shubman Gill among 4 Gujarat Titans cricketers to be summoned by CID for Rs 450 crore chit fund scam