In the BZ scam, initially believed to be worth ₹6,000 crore but later revealed to involve ₹450 crore after investigations, a school teacher who played a role in defrauding investors has been arrested by the CID.

The accused, Vinod Patel, a school teacher, was involved in the scam by earning commissions for bringing in people who invested in the BZ group of companies. He has reportedly taken more than ₹1 crore as commission, by bringing in ₹70 crore from the investors.

The court has granted the CID a three-day remand of the accused for further questioning.

What is a BZ scam?

Bhupenrasinh Zala promised ₹3,000 per month for an investment of ₹1 lakh, while in a fixed deposit scheme, a return of ₹2,50,000 per year was promised on the principal amount of ₹1,00,000. Millions of middle-class investors were lured by this tempting offer and invested lakhs and crores.

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.

He used to contact his accomplices through WhatsApp calls with three new Jio dongles. The numbers and WhatsApp chat details of the main agents of BZ GROUP have been found on his mobile phone. In which the teacher was also involved in the scam.

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