Shubman Gill Among 4 Cricketers Linked To Rs 450 Crore Ponzi Scheme

Indian cricketer Shubman Gill, along with three Gujarat Titans teammates, may soon be summoned by the Gujarat CID Crime Branch in connection with an investigation into a Rs 450 crore Ponzi scheme, according to a report by the Ahmedabad Mirror. The other players reportedly linked to the case are Sai Sudharsan, Rahul Tewatia, and Mohit Sharma.

The investigation centres on Bhupendrasinh Zala, the alleged mastermind behind the fraudulent scheme. During questioning, Zala reportedly admitted to withholding returns on investments made by the cricketers.

The report states that Gill, who captained the Gujarat Titans during the IPL 2024 season, invested Rs 1.95 crore in the scheme, while Mohit Sharma, Rahul Tewatia, and Sai Sudharsan contributed smaller amounts. As Gill is currently in Australia with the Indian Test squad, the summons are expected to be issued at a later date. Efforts to contact Mohit Sharma for a statement have been unsuccessful, as the former India cricketer did not respond.

The Bhupendrasinh Zala Case

Bhupendrasinh Zala, a resident of Himmatnagar in Sabarkantha, Gujarat, allegedly defrauded over 11,000 investors of Rs 450 crore through his company, BZ Financial Services, between 2020 and 2024. Zala lured investors with promises of an annual return of 36 per cent, initially delivering on these claims to build credibility before defaulting.

To expand his reach, Zala reportedly employed agents on a commission basis. Some investors contributed sums exceeding Rs 1 crore. He is alleged to have used the funds to acquire movable and immovable assets valued at Rs 100 crore.

Zala was arrested in Mehsana district, Gujarat, on December 27, 2024, after evading authorities for nearly a month. He remains in custody until January 4, 2025.

Seven other individuals have also been arrested in connection with the scam. Authorities are investigating the extent of Zala’s operations, including the role of his agents, his methods, and the total value of assets acquired, to recover funds for the defrauded investors. Among the victims of the scheme are several prominent individuals, including the aforementioned cricketers.

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