CID crime arrests ₹6,000 crore scam accused Bhupendrasinh Zala from Mehsana

Multi-crore scam accused Bhupendrasinh Zala, who had gone missing for a month after the financial scam came to light, was arrested in Visnagar, Mehsana on Friday by the CID crime branch.

Gujarat BJP worker Bhupendrasinh Zala, is accused of scamming people by making them invest in his BZ Financial companies and defrauding people to the tune of ₹6,000 crore, while also getting them to invest in cryptocurrency and bitcoins.

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 ₹5 lakh 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. 

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