IPS officers, cricketers are among Jhala's victims

Not just ordinary citizens but IPS officers, cricketers, and several high-profile personalities have fallen victim to the Ponzi scheme masterminded by BJP leader Bhupendrasinh Jhala, who has now earned the dubious title of North Gujarat's biggest scammer.

Initially touted as a ₹6,000 crore fraud, investigations reveal the actual scam is worth ₹400-₹450 crore, according to police reports.

During questioning while in seven days of police custody, Jhala confessed that most of the funds collected had been returned to beneficiaries, leaving an outstanding debt of ₹120 crore.

The scheme, operated under the banner of the BZ Group, attracted 11,000 investors.

Daily updates on the names of investors were posted on Jhala's website to instill confidence and encourage further investments.

One of the key revelations is that Jhala only possessed a moneylender's license and lacked the requisite permissions to transfer or invest funds in other ventures.