AHMEDABAD: Indian cricketer Shubman Gill, along with fellow Gujarat Titans players Sai Sudharsan, Rahul Tewatia, and Mohit Sharma, may be summoned by the Gujarat CID Crime Branch for questioning in connection with a Rs 450 crore Ponzi scheme, according to a report by the Ahmedabad Mirror.
The probe intensified following the arrest of Bhupendrasinh Zala, the alleged mastermind behind the fraudulent scheme. During interrogation, Zala claimed that investments from these cricketers had not been returned.
Details of Investments
- Shubman Gill, captain of Gujarat Titans in IPL 2024, reportedly invested Rs 1.95 crore.
- Mohit Sharma, Rahul Tewatia, and Sai Sudharsan invested smaller amounts.
While summons for Gill and others are expected, Gill’s current participation in India’s Test squad in Australia may delay formal proceedings. Attempts to contact Mohit Sharma for comment have so far been unsuccessful.
The Ponzi Scheme
Bhupendrasinh Zala, operating under BZ Financial Services, allegedly defrauded over 11,000 investors between 2020 and 2024, promising annual returns of 36%. Initially delivering on these promises to build trust, he later defaulted.
- Zala appointed agents to bring in investors, some contributing over Rs 1 crore each.
- He amassed Rs 450 crore, using Rs 100 crore to acquire various assets.
Following a month on the run, Zala was captured on December 27, 2024, in Gujarat’s Mehsana district. He remains in police custody, along with seven associates, as authorities investigate the scope of his activities and attempt to recover funds.
Investigation and Implications
The inquiry will scrutinize Zala’s network of agents and the extent of investments by high-profile individuals. Authorities are working to trace movable and immovable assets to compensate defrauded investors. Summoning cricket stars linked to the scheme marks a significant development in the case, as it broadens the focus on public figures caught in financial scams.
This case serves as a stark reminder of the risks involved in speculative investments, even for prominent personalities, and raises questions about due diligence in high-return financial ventures.
