In a shocking development, four Gujarat Titans players, including India’s star cricketer Shubman Gill, are reportedly among those set to be summoned by the Gujarat CID Crime Branch in connection with a ₹450 crore Ponzi scam. The scandal, which has made headlines, revolves around the fraudulent investment scheme run by Bhupendrasinh Zala. Alongside Gill, Sai Sudharsan, Rahul Tewatia, and Mohit Sharma, all prominent members of the Gujarat Titans squad in IPL 2024, are reportedly under investigation for their involvement as investors.
The ₹450 Crore Ponzi Scam: What We Know
According to reports from Ahmedabad Mirror, the Gujarat CID is probing a massive Ponzi scheme orchestrated by Bhupendrasinh Zala, the alleged mastermind behind the scam. Zala, a resident of Himmatnagar, reportedly amassed a staggering ₹450 crore from more than 11,000 investors. The scam unfolded between 2020 and 2024, with Zala operating through 17 offices across Gujarat, under the guise of offering lucrative financial returns.
The Role of Gujarat Titans Players
The CID’s investigation suggests that Shubman Gill, who captained the Gujarat Titans in the 2024 IPL season, made a significant investment of ₹1.95 crore in Zala’s scheme. Other players such as Sai Sudharsan, Rahul Tewatia, and Mohit Sharma also reportedly made investments, although their contributions were smaller in comparison.
Zala allegedly failed to return the promised returns to the players and other investors, leading to the ongoing investigation. In a statement, CID officials mentioned that they intend to summon all four cricketers for questioning, though Shubman Gill’s current commitments with the Indian Test team in Australia have delayed the process.
Bhupendrasinh Zala: The Kingpin of the Scam
Bhupendrasinh Zala’s company, BZ Financial Services, is at the center of this investigation. The firm promised its investors an annual return of 36%, initially paying out returns to gain trust before defaulting on payments. Zala reportedly purchased assets worth ₹100 crore using the funds collected from unsuspecting investors, but failed to honor his commitments.
Zala had been on the run for nearly a month before his arrest by the CID in Mehsana on December 27. Following his arrest, he was remanded in custody until January 4. CID officials revealed that they were continuing to investigate Zala’s agents, his modus operandi, and the scale of assets he accumulated through the Ponzi scheme.
What Happens Next?
The investigation is still in its early stages, with the CID likely to summon other individuals connected to the scheme, including agents who helped lure investors. While the Gujarat Titans cricketers are not directly accused of being part of the scam, the CID’s scrutiny of their investments is a significant development.
The players, especially Shubman Gill, who is currently representing India in the Test series against Australia, are expected to cooperate with the authorities once their schedules permit. The case has drawn significant media attention, especially as it involves high-profile cricketers.
The Impact on the Gujarat Titans and IPL
This unfolding investigation raises questions about the financial integrity of IPL players and the pressures they may face to secure financial gains off the field. As more details emerge, the reputation of the Gujarat Titans, one of the IPL’s most successful franchises, could be impacted. With Shubman Gill at the helm of the team’s leadership in 2024, the news has also sparked debates about the personal financial decisions of professional athletes.
Conclusion: The Ongoing Investigation
The CID’s ongoing investigation into the ₹450 crore Ponzi scam continues to make waves in the world of sports and finance. While Shubman Gill, Sai Sudharsan, Rahul Tewatia, and Mohit Sharma are currently not facing criminal charges, their involvement as investors in Zala’s scheme means they will need to clarify their positions. The scam itself serves as a stark reminder of the risks associated with high-return financial schemes, and the importance of due diligence before investing.
As the investigation unfolds, the public will await further updates on how the Gujarat Titans players will respond and whether more names will emerge in this complex case.
