Gandhinagar: The CID Crime Branch of Gujarat Police carried out raids at the offices of BZ Financial Services (BZ Group) located in seven districts on Tuesday. The company is accused of collecting ₹6,000 crores from investors by promising to double fixed deposits in three years and offering a monthly interest of 7%.

During the operation, the CID Crime found that the company had offices in Rajasthan as well. Following the raids, agents associated with the firm went underground. The police found transactions totalling ₹175 crore in two bank accounts. According to CID crime officials, they received an anonymous application against Bhupendrasinh Parbatsinh Zala, CEO of BZ Financial Services and BZ Group, who had opened offices in Gujarat and Rajasthan. The company allegedly used a network of agents to lure investors by claiming to double their fixed deposits within three years and offering monthly interest rates of 7%.

The company extorted ₹6,000 crore from people by offering higher interest and returns than nationalised banks and financial institutions. Investigations revealed that offices were set up in various locations, including Ranasan in Talod district, Himmatnagar, Vijapur, Modasa, Gandhinagar, Vadodara, and Malpur in Aravalli district. Based on this information, seven teams comprising more than 50 police officers and personnel raided these offices, seizing critical documents.

According to the police, the investigation has been initiated based on all seized documents. If necessary, a crime will be registered, and legal action will be taken. The raids in Rajasthan were conducted in coordination with the Rajasthan Police.

The CEO, Bhupendrasinh Zala, and the agents are absconding, while only office staff were present during the raids. The staff claimed ignorance of the fraud. Police are now tracking the agents and gathering addresses of other offices. Coordination with Rajasthan Police has been initiated for further raids.

CID Crime has begun questioning the staff and is planning additional raids on Wednesday. Legal action will follow once the investigation progresses further.

Documents recovered from the offices include two bank accounts with transactions worth ₹175 crore, agreements with investors, application forms, fixed deposit forms, cash vouchers, renewal forms, advance amount forms, investor records, and withdrawal forms. DeshGujarat