The Ahmedabad CID Crime has secured a three-day remand extension of Bhupendrasinh Zala, the mastermind behind the alleged  ₹6000 crore BZ Group Ponzi scheme. The extension was granted by the Special GPID (Gujarat Protection of Interest of Depositors) Court in Ahmedabad. Earlier, a seven-day remand was granted by the court. When the remand period was completed, the CID Crime sought a further three-day remand of Zala.

During the hearing, the CID revealed that Zala purchased 12,518 stamp papers for agreements with investors, but only 11,232 entries have been found on the BZ Group website. The discrepancy has raised concerns about the identity of the investors associated with the missing entries.

The investigation has also uncovered that Zala lured investors with promises of exorbitant returns, offering interest rates as high as 300% and 100%. He appointed a network of agents at various levels, offering them commissions based on the investments they brought in. The CID is currently investigating the identities and roles of these agents.

The CID has also seized 40 mobile phones purchased by Zala, believing they may contain crucial data related to the scam and smaller investors.

To investigate the crime further, the CID had asked for an extension of remand in the case during the hearing.

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