ED, CGST dept to probe Rs. 6,000 crore scam by BZ Group; police seize luxury cars

Ahmedabad: The Enforcement Directorate (ED) and the Central Goods and Services Tax (CGST) department are set to investigate the Rs 6,000 crore Ponzi scam allegedly orchestrated by the BZ Group, owned by Bhupendrasinh Jhala, following the primary inquiry by the CID (Crime).

According to CID officials, the scam came to light through an anonymous application. Jhala is accused of masterminding the fraud through his firm, BZ Financial Services, which operated offices in North Gujarat, Gandhinagar, and Vadodara. He allegedly collected deposits without approval from the Reserve Bank of India or other authorities, initially returning funds with promised gains to build trust. He also recruited agents on commission to attract unsuspecting victims. The company is accused of collecting ₹6,000 crore from investors by promising to double fixed deposits in three years and offering a monthly interest of 7%.

Meanwhile, on Friday, police raided Jhala’s residence in Raigadh village, seizing three luxury cars and confiscating two SUVs belonging to co-accused Mayur Darji.

The CID has registered an FIR against Jhala and his accomplices on charges of cheating, criminal conspiracy, and violating the Gujarat Protection of Interest of Depositors Act. Police have begun analyzing data to identify additional victims and plan to seize all properties linked to Jhala. DeshGujarat