Cricketer Shubman Gill and Gujarat Titans Teammates to be Questioned in ₹450 Crore Ponzi Scam Investigation

Indian cricketer Shubman Gill, along with three other players from the Gujarat Titans IPL team—Sai Sudharsan, Rahul Tewatia, and Mohit Sharma—are reportedly being investigated by the Gujarat CID in connection with a Rs 450 crore Ponzi scheme.

The investigation follows the interrogation of Bhupendrasinh Zala, the alleged mastermind behind the scam. During questioning, Zala admitted that he had failed to return the money invested by the cricketers.

According to a report from Ahmedabad Mirror, Zala, who operated a fraudulent chit-fund scheme under the name BZ Financial Services, lured investors by promising high returns.

However, he reportedly defaulted on his payments, leaving many investors, including the cricketers, at a loss.

The Ponzi Scheme and Its Operations

Bhupendrasinh Zala, hailing from Himmatnagar in Gujarat, has been accused of orchestrating a massive Ponzi scheme that defrauded over 11,000 investors, collecting an estimated Rs 450 crore through BZ Financial Services.

The scam ran between 2020 and 2024, with Zala enticing investors by promising annual returns of 36%. To gain the trust of his investors, Zala initially honored these promises before defaulting on his repayments.

Zala operated out of several offices across Gujarat, including in Talod, Himmatnagar, and Vadodara, and employed agents to solicit funds.

These agents were offered commissions for bringing in investors, some of whom invested amounts over Rs 1 crore.

Zala used the collected funds to acquire assets worth Rs 100 crore, including both movable and immovable properties.

Despite the large sum of money he managed to amass, Zala failed to honor his commitments to investors, leading to widespread financial losses.

Investment by Gujarat Titans Players

Shubman Gill, the captain of Gujarat Titans during the 2024 IPL season, is reported to have invested Rs 1.95 crore in Zala’s Ponzi scheme. The other players under scrutiny, Mohit Sharma, Rahul Tewatia, and Sai Sudharsan, are believed to have contributed smaller amounts.

Since Gill is currently in Australia with the Indian Test squad, the CID plans to summon him and the other players for questioning at a later date.

Attempts to reach Mohit Sharma for comment have been unsuccessful, as the former cricketer has yet to respond to inquiries.

Investigation Developments and Future Plans

The CID’s investigation has already led to several arrests, including Zala’s, who was apprehended in Mehsana district on December 27, 2024, after evading authorities for nearly a month.

Zala is currently in custody and is expected to remain there until January 4, 2025.

CID Deputy Inspector General Parikshita Rathod revealed that the investigation is ongoing and that Zala had promised investors returns of 36%, leading many to invest large sums of money.

As part of the probe, seven others have been arrested, and the CID is working to identify and locate further assets linked to the scam.

Zala’s company, BZ Financial Services, is said to have been responsible for a vast network of financial transactions, some of which were processed through major banks like ICICI and IFC.

The CID is also scrutinizing unofficial records that were seized during the investigation, which may reveal more about the full scale of the scam.

The Role of Cricketers in the Case

The involvement of high-profile cricketers like Shubman Gill has drawn attention to the scam, as the CID looks into the extent of their participation.

The players’ cooperation will be crucial for uncovering the full scope of Zala’s activities.

CID officials have confirmed that they will be questioning the cricketers, with the investigation continuing to unravel the financial network behind the Ponzi scheme.

It has also been revealed that Rushik Mehta, who managed Zala’s accounts, was apprehended during the investigation.

The CID is examining the financial transactions and records associated with Mehta and his connection to the fraud. Investigators are hopeful that these inquiries will lead to a better understanding of the operations that facilitated the scam.

What’s Next in the Investigation?

As the investigation progresses, it is expected that more individuals linked to Zala’s Ponzi scheme may be identified and questioned.

The CID is also continuing its efforts to trace the full extent of the assets obtained using the fraudulent funds.

Zala’s arrest and the ongoing interrogation of the cricketers and other individuals involved in the scam are expected to shed more light on the operation.