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In a shocking development, India international and Gujarat Titans star Shubman Gill is among four cricketers likely to be summoned by the Gujarat CID crime branch in connection with a ₹450 crore ponzi scam. The other players reportedly involved are Sai Sudharsan, Rahul Tewatia, and Mohit Sharma.
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The Ponzi Scheme Connection
The revelations emerged during the interrogation of Bhupendrasinh Zala, the alleged mastermind of the scam, who reportedly confessed to withholding returns on investments made by these players. According to an Ahmedabad Mirror report, CID officials disclosed that:
- Shubman Gill invested ₹1.95 crore.
- Sai Sudharsan, Rahul Tewatia, and Mohit Sharma invested smaller amounts.
Gill, currently representing India in the Test series against Australia, will reportedly be summoned alongside the other players at a later date. Attempts to contact Mohit Sharma for comment have reportedly gone unanswered.
Who is Bhupendrasinh Zala?
Zala, a resident of Himmatnagar in Gujarat’s Sabarkantha district, ran a vast ponzi operation under his company, BZ Financial Services. Between 2020 and 2024, he is alleged to have defrauded over 11,000 investors, amassing ₹450 crore through 17 offices across Gujarat.
Promising investors an annual return of 36%, Zala initially paid returns to build trust before defaulting. He also deployed a network of agents on a commission basis to lure more victims. According to Deputy Inspector General of Police (CID-Crime), Parikshita Rathod:
- Zala was arrested on December 27 from Mehsana district after being on the run for nearly a month.
- He used the funds to purchase movable and immovable assets worth ₹100 crore.
- Seven associates have also been arrested in connection with the scam.
Cricketers Among the 11,000 Victims
Gill, Sudharsan, Tewatia, and Mohit Sharma are reportedly among the 11,000 individuals duped by Zala’s schemes. While the cricketers’ investments were substantial, they form part of a much larger network of victims, including 10 individuals who invested over ₹1 crore each.
CID’s Investigation Continues
CID officials are now probing Zala’s methods, assets, and the role of his agents. They have confirmed that Zala initially gained investors’ trust by honoring early payouts before abruptly ceasing returns.
Impact on the Cricketers
The involvement of prominent cricketers has added a high-profile dimension to the case. While the players appear to be victims rather than accomplices, their summoning by the CID is likely to attract significant public and media attention.
As this case unfolds, all eyes will be on the Gujarat CID and the measures taken to recover funds and bring justice to the victims of this massive fraud.
