Indian international cricketer Shubman Gill, along with three other Gujarat Titans players—Sai Sudharsan, Rahul Tewatia, and Mohit Sharma—are expected to be summoned by the Gujarat CID crime branch for questioning in connection with a massive Rs 450 crore chit fund scam. According to reports, the development follows the interrogation of Bhupendrasinh Zala, the alleged mastermind behind the Ponzi scheme, who has reportedly confessed to failing to return the investments made by the players involved in the scam.
Zala, widely considered the “kingpin” of the fraudulent Ponzi operation, is accused of orchestrating the multi-crore scam that has shaken Gujarat. He allegedly opened multiple offices across various districts in the state, including Talod, Himmatnagar, and Vadodara, and enlisted a network of agents to gather funds from unsuspecting investors. As per investigations, Zala managed to raise an astounding Rs 6,000 crore in financial transactions, including Rs 175 crore channeled through banks like ICICI and IFC. He promised investors lucrative returns but ultimately failed to deliver on those promises.
Gill Invested Rs 1.5 crores in Zala’s Chit Fund Scam
During the ongoing investigation, Zala reportedly admitted that he had taken investments from several cricketers, including Gill, who is currently the captain of Gujarat Titans in the 2024 IPL season. According to reports, Gill made an investment of Rs 1.95 crore in Zala’s Ponzi scheme. Mohit Sharma, Tewatia, and Sudharsan are also suspected of having made smaller investments in the scam. The CID plans to summon these players for questioning, but since Shubman Gill is currently with the Indian Test squad in Australia, the investigation will proceed at a later date. Attempts to reach Mohit Sharma for comments have been unsuccessful so far.
Zala, who ran a company called BZ Financial Services, lured investors by promising them high returns, which led to widespread participation in the scheme. The scam has drawn significant attention due to the scale of the operation and the involvement of well-known figures in the world of cricket. The CID has stated that the players’ cooperation will be critical to the investigation, and more details are expected as the case progresses.
What CID is saying ?
Deputy Inspector General of Police (CID-Crime), Parikshita Rathod, confirmed that Zala had used the money collected from investors to acquire assets worth Rs 100 crore, both movable and immovable. However, despite amassing significant wealth, Zala failed to repay the investors as promised, leaving many individuals financially devastated. Zala’s company reportedly promised an annual return of 36 percent to investors, further luring people into the scam.
Zala was on the run for nearly a month but was eventually arrested by the CID on December 27 in Mehsana district. He is currently in police custody until January 4. In addition to Zala, seven other individuals have been arrested in connection with the case. The Gujarat CID officials have emphasized that the investigation is still ongoing, and the involvement of the cricketers is being closely examined.
As the case unfolds, the role of the Gujarat Titans players and their involvement in the scam is likely to become clearer. The CID has stated that they will continue to investigate all possible angles and developments are expected in the coming weeks.