The Gujarat Crime Investigation Division (CID) on Friday arrested alleged Ponzi scheme operator Bhupendrasinh Zala from a village in Mehsana district, officers stated.
Zala, whose scheme had attracted investments of over Rs 360 crore in 4 years, was on the run for round a month after circumstances have been registered towards him. “We arrested Bhupendrasinh Zala, the primary accused, from a farmhouse in Mehsana the place he was hiding,” stated Superintendent of Police (CID-Crime) Himanshu Verma.
As per the CID, Zala persuaded folks to take a position cash within the schemes of his agency BZ Monetary Service by providing an annual rate of interest of 36 per cent, and used Rs 100 crore of buyers’ cash to purchase 17 properties. After FIRs have been registered towards him in November and his properties have been raided, he absconded, police stated.
Apart from his lavish properties, police have seized 5 vehicles together with a Porsche, price Rs 9 crore in whole.
Primarily based on inputs acquired by an nameless supply, the police put Zala’s actions beneath surveillance and located that he had opened workplaces in north Gujarat, Gandhinagar and Vadodara to gather deposits from unsuspecting folks, the CID had stated in an announcement earlier. 4 financial institution accounts linked to Zala’s corporations, together with BZ Monetary Service, acquired Rs 360.72 crore between 2020 and 2024.
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