The Ahmedabad Rural Court on Monday heard the bail plea of Mayur Darji, a key accused in the Rs 6,000 crore BZ Finance Group scam linked to BJP-affiliated Bhupendrasinh Zala. The CID (Crime) strongly opposed the application, presenting evidence of Darji’s active involvement in luring investors and his role in propagating the multi-crore fraud.
The probe agency revealed that Darji had actively persuaded 39 individuals to invest Rs 1.09 crore in the BZ Group by promising high returns. These actions resulted in significant financial losses for the victims.
The affidavit underscored Darji’s pivotal role in propagating the scheme in Malpur, enticing investors with misleading and overly attractive offers. It was also disclosed that Zala, the main architect of the scam, had rewarded Darji’s contributions with luxurious gifts, including a high-end car, which is currently under investigation.
The CID Crime argued that the magnitude of the fraud and the resultant emotional and financial devastation for victims necessitated the denial of bail for Darji. They emphasised that many individuals had lost their lifetime savings.
The Probe Findings
The investigation revealed that Zala operated through a sophisticated network, establishing 11 companies and opening 27 bank accounts to facilitate illicit transactions. Approximately Rs 1.5 crore has been frozen in Zala’s accounts and three luxury cars along with two SUVs linked to Darji have been seized.
The scam first came to light through an anonymous tip-off, prompting the CID Crime to monitor Zala’s activities. Investigators uncovered that Zala operated BZ Financial Services without requisite approvals from the Reserve Bank of India (RBI) or other regulatory bodies. Initially, to establish trust, Zala honoured returns as promised, but the scheme later unravelled, leaving investors stranded.
Zala, identified as the mastermind, had maintained a façade of legitimacy by presenting himself as the CEO of BZ Group. He operated offices across Gujarat, including Gandhinagar and Vadodara, to collect deposits under false pretences.
Police teams conducted searches across Zala’s properties in Sabarkantha and other locations, recovering assets and documents integral to the case.
Authorities are now analysing victim testimonies to determine the scam’s exact scale. The Central Goods and Service Tax (CGST) department and the Enforcement Directorate (ED) are also conducting parallel inquiries, expected to gain momentum after the filing of the charge sheet.
The court’s impending decision on Darji’s bail plea is anticipated to set a precedent in addressing the scam’s broader implications. The CID Crime continues to press for stringent actions.
Also Read: Gujarat: After Mevani Row, IPS Rajkumar Pandian Among 25 Officers Transferred
