Bhupendrasinh Zala invested money from BZ scam into crypto and bitcoins, CID probe finds
Updated: Nov 30th, 2024
Gujarat BJP worker Bhupendrasinh Zala, who is accused of scamming investors by making them invest in his BZ Financial companies and defrauding people of ₹6,000 crore, also invested in cryptocurrency and bitcoins, investigations have revealed.
On the advice of police, victims of the scam have filed over 100 complaints against BZ company.
A team of more than 10 police personnel has started recording statements of staffers working in various offices of Zala. The CID has also obtained information that the accused invested a portion of the crores of rupees he obtained from investors into cryptocurrency and bitcoins.
It is suspected that Zala made these investments with the help of some experts. The police have gathered information about certain individuals close to him, and this is being investigated by the CID Crime team.
Additionally, to investigate the properties worth billions of rupees by Zala under the name of BZ Group, the police are following a three-phase probe based on the details provided by Zala. According to sources, Zala constructed a farmhouse worth ₹3 crore in Limbhoi village, Modasa.
Furthermore, the police have learned that Zala acquired 13,485 square metres of land in his name in Sankaria village, Modasa. The process of confiscating these properties will be initiated soon.
What is the BZ financial company scam?
Bhupendrasinh Zala, a resident of Himmatnagar, opened BZ Financial Services, BZ Traders, and BZ Group of Companies and became its CEO.
He opened offices at various locations and activated agents in Talod, Ransan, Himmatnagar, Vijapur, Modasa, Malpur in Aravalli, Gandhinagar, and Vadodara districts to collect money from investors.
They lured investors with high returns and prizes. An investment of five lakhs promised a 32-inch TV, a trip to Goa on ₹10 lakh investment, a written guarantee of 7% interest on investment and fixed deposits, and 18% return on investment.
Zala collected ₹6,000 cr from investors with the financial transactions of the company involving ICICI and IFC banks. The transactions worth ₹175 crore were carried out through these two accounts.
Also read :
CID unveils new details in ₹6K crore BZ scam, arrests seven
CID Crime issues lookout notice for BJP worker Bhupendrasinh Zala
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