NEW DELHI: Gujarat Titans players Shubman Gill, Sai Sudharsan, Rahul Tewatia, and Mohit Sharma are likely to be summoned by the Gujarat Crime Investigation Department (CID) in connection with the โน450 crore BZ Group Ponzi scam. The scam, orchestrated by the Gujarat-based BZ Group, promised investors unusually high returns, far exceeding bank rates, but defaulted on repayments.
Among the victims are several prominent cricketers, with Shubman Gill reportedly investing โน1.95 crore, while the others made smaller investments. This development comes after the interrogation of Ponzi scheme kingpin Bhupendrasinh Zala, who confessed that he had not returned the money invested by the aforementioned cricketers in the scheme.
The CIDโs investigation intensified after interrogating Bhupendrasinh Zala, the alleged mastermind behind the fraudulent scheme. Zala reportedly confessed to failing to return the cricketersโ investments, exposing the magnitude of the scam. Authorities have since seized bank transaction records and an unofficial ledger maintained by Zala. โWe are thoroughly examining the financial documents. If further involvement of individuals like Mehta is confirmed, appropriate legal action will follow,โ said a CID official.
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A Ponzi scam, also known as a Ponzi scheme, is a type of investment fraud that lures investors by promising high returns with little or no risk. The scheme pays returns to earlier investors using the capital from newer investors, rather than from profit earned by the operation of a legitimate business.
As the probe deepens, the CID has conducted multiple raids and believes the total scam amount may exceed initial estimates. โThis is a massive financial fraud, and our team is leaving no stone unturned to uncover all details,โ another official added.
The involvement of high-profile cricketers has brought significant attention to the case, raising concerns about the fraudulent operationsโ reach. โThis case highlights the need for awareness and caution when dealing with investments offering unrealistic returns,โ an investigator stated.
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The cricketers are expected to cooperate with the ongoing inquiry. This development has sent ripples across the cricketing and financial sectors, bringing to light the dangers of unchecked financial schemes.
