Ahmedabad, Dec 23 (PTI) The Gujarat High Court on Monday rejected anticipatory bail plea of Bhupendrasinh Zala, accused of duping investors, ranging from some cricketers to school teachers, in a multi-crore Ponzi scheme scam.

The single bench of Justice MR Mengdey said he was not inclined to allow Zala's plea and dismissed it after hearing both sides.

Also Read | Mahakumbh Mela 2025: CM Yogi Adityanath Says Maha Kumbh Is Exceptional Opportunity for Prayagraj To Showcase Its Hospitality.

The prosecution said Zala received Rs 360 crore in different accounts which he withdrew. He had only Rs 1 crore in his accounts when they were frozen.

Opposing any relief to Zala, the prosecution said a thorough investigation was required to unearth the scale of the alleged scam.

Also Read | Cocaine Smuggling Bid Foiled at Delhi Airport: 2 Foreign Nationals Arrested for Smuggling Cocaine Worth INR 33 Crore, Says Customs.

The alleged scam was exposed in November when the state CID found suspicious transactions in the bank accounts of Zala, who allegedly defrauded people by promising a 36 per cent return on deposits, police had said.

The investigation showed that four bank accounts linked to Zala's four entities, including BZ Financial Service, received Rs 360.72 crore between 2020 and 2024, out of which he used Rs 100 crore to buy 17 properties including five luxury cars worth Rs 9 crore.

Five to six cricketers and several school teachers were among the investors in the scheme floated by Zala, a resident of Himatnagar taluka in Sabarkantha district, police had said.

The CID stated that police had received inputs through an anonymous application and put Zala's activities under surveillance last month. Prima facie, he had opened offices in north Gujarat, Gandhinagar, and Vadodara to collect deposits from unsuspecting people.

An FIR was registered on November 27, 2024.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)