Ponzi Scheme Accused Bhupendra Zala Arrested After One Month, Brought to Gandhinagar

Bhupendrasingh Zala, the main accused in the ₹6000 crore BZ Ponzi scheme, has been arrested by the CID Crime. It is notable that he had been on the run for the past month. The accused was apprehended by the CID team from the outskirts of Dvada village in Mehsana. He was later brought to Gandhinagar, where he was interrogated. The authorities tracked him through phone call records, and his location was traced to Dvada, where he was arrested at 4 PM.

Court Denies Bail in BZ Scheme Case

In another development, the Ahmedabad Rural Court has rejected the bail applications of Mayur Darji, Vishalsingh Zala, Dilip Solanki, Ashik Bharthari, Sanjay Parmar, Rahul Rathod, and Ranveersingh Chauhan, involved in the BZ Ponzi scheme.

Bhupendrasingh Zala Builds ₹6,000 Crore Empire Through Ponzi Scheme in North Gujarat and Rajasthan

Bhupendrasingh Zala, a BJP worker, managed to amass a ₹6,000 crore empire through a Ponzi scheme running in North Gujarat and Rajasthan. Before swindling people of their money, the CID Crime had conducted a raid on his BZ Group office. The article will explain how this Ponzi scheme grew from nothing to a ₹6,000 crore empire.

Withdraws Nomination After BJP Leader’s Intervention in Lok Sabha Elections

You may be surprised to learn that Bhupendrasingh Zala is only 30 years old and unmarried. He first gained attention during the 2019 Lok Sabha elections when, despite being a BJP worker, he filed his nomination as an independent candidate from the Sabarkantha constituency after not receiving a ticket. However, instead of contesting, he withdrew his nomination after a senior BJP leader reportedly instructed him to do so at a meeting in Modasa.

Luxury Villa in Zalanagar, Now Abandoned

As per the affidavit submitted in April 2024, Bhupendrasingh Zala’s family consists of his father Parbatsingh and mother Madhuben. After the Ponzi scheme scandal broke, his luxurious villa in Zalanagar, Raigad, has been abandoned, with luxury cars seen parked outside. Notably, the affidavit mentions that no criminal cases were filed against him until the 2019 Lok Sabha elections.

Purchased 10 Acres of Land in Two Years

The accused, Bhupendrasingh, holds nine bank accounts in different banks, while his father has three accounts. However, his mother has no bank accounts. His affidavit also mentions no investments in the stock market or mutual funds. Bhupendrasingh owns an Artiga car and his father has a Scorpio. The affidavit reveals that between 2021 and 2023, Bhupendrasingh purchased 10 acres of land in Himatnagar, Modasa, Mahadevpur, Gamdi, Adpodra, Sajapur, and Sakariya villages.

Politicians’ Concern Following Raids on BZ Group Branches

The raids on various BZ Group branches have even made political figures in Gujarat, who have direct connections with Bhupendrasingh Zala, uneasy. The scheme involved promising returns of one to three times the investment, which lured retired employees and teachers to invest. The full truth, however, suggests that numerous politicians and police officers had invested their money in Bhupendrasingh’s scheme.

Fund Collection Using Fraudulent Schemes

Bhupendrasingh Zala and his partner operated the core activities of the BZ Group, recruiting agents to collect funds. These agents, in turn, brought money from people and paid them up to 3% monthly interest. This interest was ensured through false promises and fraud. Additionally, agents earned a 1-1.5% commission for referring others. However, only Bhupendrasingh knew where the funds were actually being invested.

Plans to Open Offices in Dubai and Gift City

People involved in the scheme claimed that the majority of the earnings came from cryptocurrency investments. Bhupendrasingh’s business was so flourishing that he recently opened a branch in Anand and was planning to open new offices in Dubai and Gift City.

Police Officers and Doctors Also Invested in the Scheme

Reports indicate that Bhupendrasingh Zala’s scheme also involved investments from police officers and doctors. Additionally, Zala was known to be close to local political leaders, with information suggesting that many political figures had invested in his scheme. It is reported that large sums of money were invested by senior political leaders from the district and nearby areas.

Funds Transferred Through Cryptocurrencies

Bhupendrasingh Zala and his partners were also involved in transferring funds through USD Tether and cryptocurrencies. The scheme’s operations were allegedly legal in Dubai, where it was easier to conduct such transactions without legal repercussions.

Show of Power During Lok Sabha Elections

Bhupendrasingh Zala gained a strong local following through his charitable work, such as donating to temples and starting construction of homes for the poor. This elevated his political influence. During the recent Lok Sabha elections, he filed his nomination as an independent, with many people showing up to support him, which worried both BJP and Congress candidates.

BJP Leader Claims Bhupendrasingh Zala Withdrew Nomination on His Instruction

A senior BJP leader mentioned at a meeting in Modasa that Bhupendrasingh Zala withdrew his nomination from the elections based on the leader’s instructions. Further investigations into this case could potentially reveal the involvement of political figures and their black money in Zala’s Ponzi scheme.

Sonu Sood Honored Bhupendrasingh Zala at Bollywood Award Ceremony

At the BIAA Bollywood Awards in Mumbai, Bollywood actor Sonu Sood honored Bhupendrasingh Zala, CEO of BZ Group, with an award. During the ceremony, Bhupendrasingh also presented Sonu Sood with a handmade art gift.