Following a 34-day pursuit, the main suspect in the ₹6,000 crore BZ Group fraud, Bhupendrasinh Zala, was captured and placed under 7-day police detention on Saturday.
After being questioned, Zala was brought to court the day after his detention on Friday, and the CID Crime asked for a 14-day remand. But the court granted a remand for seven days.
Notably, Zala escaped from Aravalli and went to Madhya Pradesh, Rajasthan, Banaskantha, and Mehsana.
He stayed in hotels and farmhouses while traveling across different Indian states and districts.
He allegedly constantly switched places, bought new SIM cards every day, and communicated with relatives and friends in order to avoid being arrested.
The identity of Zala’s contacts is still under investigation. Questions are also being asked about Kiran Singh and his female associate, a Gujarat police inspector, who allegedly gave Zala a place to stay. It was reported that Zala was hiding at Singh’s farmhouse.
What was the fraud?
Through the BZ Group, which pretended to be several businesses in north and central Gujarat, Zala is accused of masterminding a ₹6,000 crore scam.
He enticed investors by promising to double their profits. He had been evading capture for more than a month before being caught by CID Crime.
Technical monitoring at a farmhouse in Devda village, close to Visnagar, Mehsana district, resulted in his arrest after police teams were tasked with finding him.
The rural court was told by the public prosecutor that Zala was only authorized to operate in Talod, Sabarkantha. In spite of this, he created a vast network, hired agents, and started several businesses without any authorization or licenses. He obtained investments from people totaling crores of rupees through these agents.
In addition, the prosecution disclosed that Zala and his family had accumulated a substantial amount of wealth in the form of real estate and other assets. The entire hoax is being thoroughly investigated.
Read Also: Bhupendrasinh Zala, Alleged Mastermind Of Gujarat Ponzi Scheme, Arrested: Police
