Cricketers, teachers invested in BZ Ponzi scheme, says ADGP

In response to a question, Pandian said, “about 5-6 cricketers had invested money up to Rs two crore in this firm”. These cricketers are from Gujarat as well as other states, he said.

While he declined to divulge the names of the cricketers, ADGP Pandian said, “It is possible that they were made to invest to increase the credibility of the scheme but we are still investigating it.”

Meanwhile, alleging political links, Gujarat Congress spokesperson Manish Doshi demanded a “thorough probe of the people connected with Zala”.

On a question regarding the political connection of the accused, Pandian said, “It is wrong to link criminals to any political party. There are victims also associated with the same party. Once we arrest the main accused, we will interrogate him and find out who all were involved across the parties. If they are accused, action will be taken against them.”

Pandian said, “We have identified 27 accounts including Demat accounts, as well as 22 properties in different districts, which will be attached…We are also investigating irregularities in the school run by the accused.”

Pandian further said, “We have filed another FIR on the basis of a victim, Sureshbhai, who claimed he was cheated of Rs 5 lakh. We are also trying to contact other victims. There is another victim who has come forward… I appeal to the people to come forward to file complaints under the GPID (Gujarat Protection of Interest of Depositors) Act. We will try to get the money of the victims back through seizure of property.”

A week ago, the CID had unearthed transactions of Rs 175 crore in two bank accounts of Zala, who is accused of defrauding people by offering as high as 36 per cent annual return on deposits.

Besides registering three FIRs, police have arrested an agent, and seized Rs 16.37 lakh in cash besides three laptops, 11 mobile phones, rubber stamps, documents and PAN cards during raids on premises linked to the main accused. Based on inputs received through an anonymous application, the police put Zala’s activities under surveillance a month ago and learnt he had allegedly floated a firm, BZ Financial Services, and opened its offices in north Gujarat, Gandhinagar and Vadodara to collect deposits, said the CID in a statement earlier this week.

“Zala used to identify himself as the CEO of BZ Group and would collect deposits from people in an illegal manner as he never had any approval from the RBI…To win people’s trust, he used to initially pay investors the promised returns. He had appointed agents on commission basis to lure people,” according to the statement.

(With PTI inputs)