Six premises raided in Rs 6k cr chit fund scam

Bharatsinh Zala of BZ Group lured investors with a promise of 18% monthly interest

The Economic Offenses Wing (EOW) of the Gujarat CID Crime raided six premises of BZ Financial Services and BZ Group in a chit fund scam, estimated to be around Rs6,000 crore.

The two companies are owned by Bhupendrasinh Zala of Himmatnagar in Sabarkantha. The raids took place across multiple locations, including Sabarkantha, Mehsana, Aravalli, and Gandhinagar.

CID Crime sources said the investigation was triggered by a complaint submitted to the agency. The probe revealed transactions worth Rs175 crore in Zala's IDFC Bank account, along with suspicious transactions totaling Rs751,240,016 in another private bank.