Shubman Gill, other cricketers, to be summoned in Rs 450 cr Ponzi scam case

Gill is said to have invested close to Rs 2 crore in the scheme masterminded by Bhupendrasinh Zala, who absconded after allegedly defrauding about 11,000 investors

Shubman Gill, a leading Indian cricketer, is among four Gujarat Titans players who could be summoned by the Gujarat CID Crime Branch as part of an inquiry into a Rs 450 crore Ponzi scheme, according to a report in the Ahmedabad Mirror. The other players potentially linked to the case are Sai Sudharsan, Rahul Tewatia, and Mohit Sharma.

 

The development follows the interrogation of Bhupendrasinh Zala, the alleged mastermind behind the Ponzi scheme. During questioning, Zala reportedly admitted to not returning the investments made by these cricketers.

 

According to the report, Gill, who captained the Gujarat Titans during IPL 2024, had invested Rs 1.95 crore in the scheme. Other cricketers Mohit Sharma, Rahul Tewatia, and B Sai Sudharsan are also said to have invested smaller amounts.

 

 

As Gill is currently in Australia as part of the Indian Test squad, the summons for the players will reportedly be issued at a later date. Efforts to reach Mohit Sharma for comment were unsuccessful, as the former India cricketer did not respond.

 

Who is Bhupendrasinh Zala and what is the case?

Alleged Ponzi scheme operator Bhupendrasinh Zala hails from Himmatnagar town in Sabarkantha, Gujarat. He is said to have collected Rs 450 crore from over 11,000 investors through his entity, BZ Financial Services, between 2020 and 2024. Zala lured investors with promises of exceptionally high annual returns of 36 per cent, initially fulfilling these promises to gain their trust before defaulting.

 

To attract investors, he appointed agents on a commission basis, with some individuals investing over Rs 1 crore. Zala used the funds to purchase movable and immovable assets worth Rs 100 crore. 

 

After being on the run for nearly a month, he was arrested by the police in Mehsana district of Gujarat on December 27, 2024. He is currently in custody until January 4, 2025. 

 

Seven other individuals linked to the scam have also been arrested. Among the 11,000 investors defrauded by Zala were notable names, including cricketers like Shubman Gill and three others. The ongoing investigation focuses on understanding the full scope of his fraudulent activities, including probing his agents, modus operandi, and the extent of his assets to recover the money lost by investors.