<p>Ahmedabad: The CID (crime) is reported to have unearthed a Ponzi scam said to be running into over Rs 6,000 crore with its centre in north Gujarat's Sabarkantha district. The scheme was allegedly masterminded by a BJP worker who is now absconding.</p><p>Police said that the scam was spread in at least seven districts where a large number of people are believed to have been duped after being lured by the promise of high interest rates.</p><p>Following anonymous complaints, the CID teams raided the office of BZ International Broking Private Limited in Sabarkantha and six other districts. </p><p>Police said that they have traced money transactions to the tune of Rs 175 crore in two banks while its chief executive officer Bhupendrasinh Parbatsinh Zala and agents have gone underground after they got the whiff of police action against them.</p><p>Zala is said to be associated with the BJP. Despite repeated attempts, the state BJP spokesperson didn't respond for comments on the case. Zala, who is said to be untraceable, had filed nomination for contesting Lok Sabha election as an independent from Sabarkantha district but withdrew his papers eventually. It is reported that he wanted to contest the election on a party ticket but was denied.</p><p>The firm is alleged to have used a wide network of agents who lured a large number of people to invest claiming that they would receive interest rates way higher than regular banks.</p>.People with brain injuries have a high risk of romance scams. ‘Scambassadors’ can help shed stigma.<p>Police said that the company targeted teachers and retired government officials and farmers by luring them with high returns. Initially, police said, the company gave many of the investors some returns as part of its strategy to lure them.</p><p>According to CID, the company was offering not only higher rates than regular banks but also 32 inch TV or mobile phones for investing Rs5 lakh and for investing Rs10 lakh, a trip to Goa as well as 7 percent interest rates in writing and 18 percent orally.</p><p>Police estimated that the company collected nearly Rs 6,000 crore through its fraudulent means including promising to double the investment in three years and monthly interest rate of 7 percent.</p><p>The police said that the process of registering an FIR was underway and appealed to citizens who have been duped to come forward and file complaints. </p>
<p>Ahmedabad: The CID (crime) is reported to have unearthed a Ponzi scam said to be running into over Rs 6,000 crore with its centre in north Gujarat's Sabarkantha district. The scheme was allegedly masterminded by a BJP worker who is now absconding.</p><p>Police said that the scam was spread in at least seven districts where a large number of people are believed to have been duped after being lured by the promise of high interest rates.</p><p>Following anonymous complaints, the CID teams raided the office of BZ International Broking Private Limited in Sabarkantha and six other districts. </p><p>Police said that they have traced money transactions to the tune of Rs 175 crore in two banks while its chief executive officer Bhupendrasinh Parbatsinh Zala and agents have gone underground after they got the whiff of police action against them.</p><p>Zala is said to be associated with the BJP. Despite repeated attempts, the state BJP spokesperson didn't respond for comments on the case. Zala, who is said to be untraceable, had filed nomination for contesting Lok Sabha election as an independent from Sabarkantha district but withdrew his papers eventually. It is reported that he wanted to contest the election on a party ticket but was denied.</p><p>The firm is alleged to have used a wide network of agents who lured a large number of people to invest claiming that they would receive interest rates way higher than regular banks.</p>.People with brain injuries have a high risk of romance scams. ‘Scambassadors’ can help shed stigma.<p>Police said that the company targeted teachers and retired government officials and farmers by luring them with high returns. Initially, police said, the company gave many of the investors some returns as part of its strategy to lure them.</p><p>According to CID, the company was offering not only higher rates than regular banks but also 32 inch TV or mobile phones for investing Rs5 lakh and for investing Rs10 lakh, a trip to Goa as well as 7 percent interest rates in writing and 18 percent orally.</p><p>Police estimated that the company collected nearly Rs 6,000 crore through its fraudulent means including promising to double the investment in three years and monthly interest rate of 7 percent.</p><p>The police said that the process of registering an FIR was underway and appealed to citizens who have been duped to come forward and file complaints. </p>