The CID Crime branch in Gandhinagar, Gujarat, has arrested Bhupendra Singh Jhala, the mastermind of the infamous BZ Ponzi Scheme. Seized from Visnagar's Dawada village in Mehsana, Jhala is alleged to be at the helm of this 6,000 crore rupee scandal. Authorities have confiscated his assets, and further revelations are expected during his remand.
According to sources, the CID Crime cornered Jhala by tracing calls of his close associates. Over time, investigations delved into his network across social and business spheres, eventually leading to his capture at a farmhouse in Dawada village.
The arrest of Bhupendra Jhala is expected to unravel more links within this massive scam. The CID team is actively seeking evidence and exploring suspicious connections tied to this financial collapse.
Source: aajtak
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To evade capture, BZ Group's CEO Bhupendra Jhala kept changing hideouts. Despite a relentless search in districts including Sabarkantha and Aravalli, the police had been unable to nab him for over a month. His plea for anticipatory bail from the Gujarat High Court was denied. The ongoing investigation aims to uncover who sheltered Jhala and who else participated in the scam.
Several agents in connection with this network had previously been detained. It was common for Jhala to bestow expensive cars upon his agents, which the CID has now seized. On Saturday, Bhupendra Singh Jhala will be produced before the court with a remand request, a step likely to yield significant evidence.
What is the full story?
The CID Gandhinagar team alleges that Bhupendra Jhala lured investors with promises of 1x to 3x returns, orchestrating a scam worth 6,000 crores. In the village court, prosecutors pointed out that Jhala possessed a money lending license only for Sabarkantha. Nonetheless, he expanded his influence by recruiting agents and constructing an expansive network.
Moreover, Jhala reportedly formed additional companies without proper licenses or permits, soliciting investments totaling millions through agents. Prosecutors informed the court that Jhala amassed vast movable and immovable assets in his and his family's name.
CID Crime DIG Parikshita Rathore stated that capturing the fugitive had been a longstanding objective. The CID Crime unit learned Jhala was the primary accused in the BZ Ponzi Scheme in Dawada village.
Impacted individuals are encouraged to file complaints if their funds are stuck. An initial investigation is underway to recover 95 crore rupees. CID Crime has seized the suspect’s assets, and operations against farmhouse shelters are forthcoming. Initial findings suggest the scam commenced around 2020.
