Gujarat CID has seized Rs 16.37 lakh in cash by raiding the premises of Ponzi scheme operator Bhupendra Singh Jala after detecting transactions worth Rs 175 crore in his two bank accounts. Apart from this, three laptops, 11 mobile phones, rubber stamps, documents and PAN cards have been seized. Bhupendra is accused of cheating people by luring them with 36 percent annual returns.
Director General of Police gave information
According to Additional Director General of Police, CID Crime and Railways, Rajkumar Pandian, this scam is worth Rs 6,000 crore. The main accused is a resident of Himmatnagar taluka of Sabarkantha district. He is underground after the CID raids. An agent working for his company has been arrested. Pandian said that the exact amount of this Ponzi scam will be revealed after detailed investigation.
Surveillance was put in place for more than a month
After receiving the input, CID had put Jala on surveillance for a month. He runs a firm by the name of BZ Financial Services. He had collected money from people in North Gujarat, Gandhinagar and Vadodara. Pandian said that Jala used to pretend to be the CEO of BZ Group and collect deposits from people illegally.
According to the information, he did not have any approval from RBI or any other authority. To win the trust of the people, he initially gave the returns as promised on time. He also hired agents on commission to woo people.
