Ahmedabad court grants bail to three accused in BZ finance scam

The Ahmedabad District and Sessions Court on Tuesday granted bail to three individuals accused of acting as agents for BZ Financial Services. The trio allegedly lured 894 investors into depositing a total of ₹172 crore by promising attractive high returns.

The accused — Vipulkumar Joshi, Vanrajsinh Rathod, and Brijeshkumar Pranami — were released on bail after the court cited the principle of parity, noting that the main accused, Bhupendrasinh Zala had previously been granted bail by Gujarat High Court. Other co-accused, including Pratik Jayswal and Shailesh Patel, have also received bail.

The high court while granting bail to Bhupendra Zala had observed that Zala's properties worth Rs 54 crore have been attached under the provisions of the Gujarat Protection of Interest of Depositors (In Financial Establishments) Act, 2003 (GPID Act). As part of his bail conditions, Zala deposited Rs 5 crore in the Sessions Court and undertook to repay Rs 117 crore within one year of his release, thereby safeguarding the interests of victims involving approximately Rs 172 crore.

The three agents were alleged to have collectively induced 894 investors to deposit around Rs 172 crore in BZ Financial Services by promising high returns.

Vipulkumar Joshi operated a franchise in Bhiloda, created IDs under the names Bhiloda Franchise owner Bhavesh & Vipul Joshi and another ID in the name of Bhavesh Joshi, and allegedly brought in 596 investors who deposited Rs 23.86 crore. He reportedly received Rs 47.76 lakh in commissions deposited into his bank account from the company's funds.

Vanrajsinh Rathod worked as an agent, created an ID in his name, and facilitated investments from 170 investors totaling Rs 4.03 crore. He received Rs 5.29 lakh in commissions and was involved in gathering collection data from branches and reporting to the main accused while stationed at the company's main office.

Brijeshkumar Pranami created an ID in his name and mobilized 128 investors who invested Rs 4.91 crore, with Rs 54.07 lakh deposited as commissions into his accounts.

The prosecution case alleged that Bhupendrasinh Zala and his associates formed BZ Financial Services, BZ Group, and related entities — including BZ International Broking Private Limited, BZ Traders, and others — some registered as private limited companies and others as unregistered partnerships. Zala held a limited money-lending license for Sabarkantha district, which was allegedly misused to lure investors with promises of high returns.

An FIR was registered with the CID Crime, Gandhinagar Zone Police Station, under Sections 316(5), 318(4), 61(2), and 249 of the Bharatiya Nyaya Sanhita, 2023, section 3 of the GPID Act, 2003, and sections 21 and 23 of the Banning of Unregulated Deposit Scheme Act, 2019.