Gujarat scam complaints pile up, just Rs 7.5 crore recovered out of Rs 402 crore

AHMEDABAD: On Day 1 of the Gujarat Assembly session, Congress MLA Jignesh Mevani grilled the state government on scam complaints under the Gujarat Protection of Interest of Deposits Act-2003. The Home Department revealed 81 complaints were filed in the past two years, with a staggering Rs 402.21 crore trapped. To recover the money, the state seized and auctioned properties of two companies, but only Rs 7.53 crore has been returned to duped investors so far leaving a massive gap still unresolved. The monsoon session of the Gujarat Assembly opened with a storm on Monday, as Congress MLA Jignesh Mevani dropped the bombshell on the state government. On Day 1, Mevani asked the Home Department about the fraudulent Ponzi schemes and scam companies that duped thousands of investors across Gujarat. In his query, Mevani demanded details on how many complaints were filed under the Gujarat Protection of Interest of Deposits Act, 2003, how much public money is stuck, and how much has actually been recovered. The governments reply shocked the House as 81 complaints were lodged in the past two years, trapping a staggering Rs 402.21 crore of investors' money. Despite this massive figure, action was taken against only two companies, with seized assets auctioned off. The recovery? A meagre Rs 7.53 crore returned to investors. This revelation comes against the backdrop of two mega scams that rocked Gujarat in the last two years. In 2024, Bhupendrasinh Zala, CEO of BZ Group, allegedly pulled off a Rs 6,000-crore Ponzi scam by luring over 14,000 investors with promises of double returns in three years and lucrative monthly payouts. Gandhinagar CID Crime teams raided multiple locations across Sabarkantha, Vadodara, Gandhinagar, and Rajasthan, uncovering transactions worth Rs 175 crore linked to the group. BZ Financial Services, at the scam's core, was found to be completely unauthorised. As the BZ scandal was still unfolding, 2025 brought another crypto-fueled scam, this time in Rajkot. A company named Blockora duped 8,000 investors, including 40 from Rajkot alone, siphoning off Rs 300 crore. The scheme promised daily returns of Rs 4,000 on an initial investment of Rs 4.25 lakh. Investors were pushed to buy a fake cryptocurrency called TABC, only for the companys founders and partners to vanish overnight.