Shubman Gill among 4 Gujarat Titans cricketers to be summoned by CID for Rs 450 crore chit fund scam

Shubman Gill among 4 GT cricketers to be summoned by Gujarat CID. (Photo: PTI)

Indian cricketer Shubman Gill, along with three other Gujarat Titans players, is expected to be summoned by the Gujarat CID Crime Branch in connection with a Rs 450 crore Ponzi scheme, as per reports. The other players under scrutiny are Sai Sudharsan, Rahul Tewatia, and Mohit Sharma.

The investigation stems from revelations made during the interrogation of Bhupendrasinh Zala, the alleged mastermind behind the scam, according to Ahmedabad Mirror. Zala reportedly admitted to failing to return the investments made by the cricketers.

Zala, accused of orchestrating the Rs 450 crore chit-fund scam, is believed to have operated offices in various Gujarat districts, including Talod, Himmatnagar, and Vadodara. He enlisted agents to solicit funds from investors, amassing a staggering Rs 6,000 crore in transactions through ICICI and IFC banks, with a total of Rs 175 crore being scrutinized.

Among the players, Shubman Gill, who captained the Gujarat Titans in the 2024 IPL season, reportedly invested Rs 1.95 crore in the scheme. Mohit Sharma, Rahul Tewatia, and Sai Sudharsan are said to have contributed smaller amounts. While Gill is currently with India’s Test squad in Australia, the CID plans to summon all the players for questioning at a later date. Attempts to contact Mohit Sharma for a statement have been unsuccessful.

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Deputy Inspector General of Police (CID-Crime) Parikshita Rathod stated that Zala used his company, BZ Financial Services, to lure investors with promises of high returns. Zala had been evading authorities for nearly a month before his arrest on December 27 in Mehsana district. He remains in custody until January 4.

Investigations reveal that Zala acquired assets worth Rs 100 crore, including both movable and immovable properties, but failed to fulfill his commitments to investors. Seven other individuals have been arrested in connection with the case. The CID claims that Zala promised annual returns of 36%, attracting significant investments.

CID officials emphasized the importance of the players’ cooperation in the ongoing probe. Further developments are anticipated as the investigation unfolds.