Ponzi Scheme Fraud in Modasa: ₹50 Crore Scam, CEOs Face CID Complaint
Ponzi Scheme Scandal in Modasa: CEOs Under CID Radar
The saying “Where there’s greed, there’s deception” holds true as yet another Ponzi scheme comes to light, this time in Modasa. Following the high-profile ₹6,000 crore BZ scam linked to Bhupendra Zala, CID Crime has now filed complaints against the CEOs of three companies operating similar fraudulent schemes in Modasa.
₹50 Crore Fraud Allegations Against Three Companies
CID Crime has accused Harpalsinh Zala of R.K. Enterprise, Ajaysinh Parmar of Harsiddhi Enterprise, and the CEO of K.K. Enterprise of embezzling ₹50 crore from investors using a Ponzi-like model. These companies allegedly lured customers with promises of high returns and collected massive funds illegally.
Offices Shut Down Post Investigation
After the BZ scam raid on November 26, these companies shut their offices, removing name boards to evade scrutiny. Police are actively pursuing these CEOs to bring them to justice.
Similarities to the BZ Financial Services Fraud
The BZ scam involved Bhupendra Zala, a BJP worker, who reportedly defrauded investors in Aravalli and Sabarkantha districts through an enticing scheme of high interest rates and luxury perks, such as Goa trips. CID’s raid across six districts revealed an enormous ₹6,000 crore fraud.
Who is Bhupendra Zala?
Bhupendra Zala, the mastermind of the ₹6,000 crore Ponzi scheme, used BZ Financial Services to create a deceptive empire targeting investors in North Gujarat and Rajasthan. Currently on the run, a lookout notice has been issued to prevent him from leaving the country.
Ponzi Schemes: A Persistent Threat
This scandal highlights how Ponzi schemes, offering unreasonably high returns, prey on people’s financial aspirations. Investors are advised to verify schemes thoroughly before investing.
