Gujarat HC rejects anticipatory bail of BZ Group scam mastermind Bhupendrasinh

Ahmedabad: The Gujarat High Court today rejected the anticipatory bail application of Bhupendrasingh Zala, the main suspect in the ₹6,000 crore scam allegedly orchestrated by the BZ Group.

As of Friday, December 13, five FIRs have been filed against Zala, who has been missing since a CID (Crime) team raided his offices. Zala had set up several companies, including BZ Financial Services, BZ International Broking Private Ltd, BZ Profit Plus, BZ Multi Trade, BZ Group of Management, BZ Group of Developers, BZ Capital Solutions, and BZ Heavy Electronics, across various cities in Gujarat. These companies promised high returns, offering incentives such as free TVs, mobile phones, national and international tours, along with 7% higher interest on fixed deposits.

The police reported that Zala’s company primarily targeted teachers, retired government employees, and farmers by promising high returns. Initially, some investors were given returns, as part of a strategy to attract more people.

According to CID, the company offered interest rates higher than those of regular banks and incentives like a 32-inch TV or a mobile phone for an investment of ₹5 lakh. For an investment of ₹10 lakh, the company promised a trip to Goa, along with written commitments of 7% interest and oral promises of 18% interest. DeshGujarat