Mumbai, January 2: Gujarat Titans players Shubman Gill, Sai Sudharsan, Rahul Tewatia, and Mohit Sharma are expected to be summoned by the Gujarat CID crime branch in connection with an INR 450 crore ponzi scam, according to reports. Let's know all about the INR 450 crore chit fund scam. 

This development follows Bhupendrasinh Zala’s confession during interrogation, where he admitted to being unable to return investments made by the cricketers. Zala is accused of masterminding an INR 450 crore Ponzi scheme across Gujarat. Gill invested Rs 1.95 crore, while Mohit, Sai, and Rahul made smaller investments. The CID plans to summon the players later, as Gill is currently on national duty in Australia. Shubman Gill Amongst Four Gujarat Titans Players Likely To Be Summoned By CID In INR 450 Crore Chit Fund Scam.

What Is INR 450 Crore Chit Fund Scam?

The INR 450 crore chit fund scam, masterminded by Bhupendrasinh Zala, is a large-scale Ponzi scheme that defrauded around 11,000 investors across Gujarat. Operating through his firm, BZ Financial Services, Zala promised investors annual returns of 36%, enticing them to invest large sums. Rohit Sharma Set To Be Dropped for IND vs AUS 5th Test 2024-25, Jasprit Bumrah To Captain India in Sydney: Report.

Between 2020 and 2024, he set up 17 offices across the state to facilitate the scam. The scheme collapsed when Zala admitted during questioning that he was unable to return the invested money. The scam resulted in significant financial losses for investors, with authorities now investigating the operations and assets tied to the fraud.

According to Parikshita Rathod, Deputy Inspector General of Police (CID-Crime), Bhupendrasinh Zala deceived individuals into investing in his firm, BZ Financial Services, by promising high returns. The accused, who had been evading arrest, was apprehended by authorities on December 7 and is currently in custody, with his detention extended until January 4.

(The above story first appeared on LatestLY on Jan 02, 2025 05:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).