Shubman-Gill

Shubman Gill, Sai Sudharsan in Hot Water Over Multi-Crore Ponzi Scheme

 

The Gujarat Crime Investigation Department is set to issue notices to four players from the Gujarat Titans IPL squad over their connections to a ₹450 crore Ponzi scheme fraud. The players being called in include Shubman Gill, who is currently in Australia for the Border-Gavaskar Trophy, along with Sai Sudharsan, Rahul Tewatia, and Mohit Sharma.

 

Star Cricketers Under Investigation for Fraudulent Investments

 

The CID has stepped up investigations into the scam, which started as a ₹6,000 crore Ponzi scheme. However, subsequent probes recalculated the amount of fraud to ₹450 crore. Several investors were reportedly swindled into the scheme that offered outrageously high returns in an attempt to create proliferative financial losses.

In particular, sources said the Gujarat Titans’ captain, Shubman Gill, invested ₹1.95 crore while his teammates invested less. The involvement of high-profile cricketers has put a new twist on the ongoing probe.

 

Ponzi Scheme’s Modus Operandi and Star-Studded Investments

 

The Ponzi scheme under consideration operated based on misleading investors with high-yield promises, providing an illusion of effective risk management. Other targets that are said to have been used to ensure the scheme looked genuine were sports personalities and high-profile individuals. Reports have revealed that the players paid their earnings through their earned income and invested in what looked like genuine business to undertake at the time.

Sources also indicate that the cricketers might not be aware of the scam when they invested their money. However, the CID intends to interrogate the players to find out how much they are aware of the scam and whether they received any contact from intermediaries of the scheme.

 

Potential Legal Consequences for Players

 

The summons could have heavy legal and professional consequences for the players of the game. As per reports, CID is likely to scrutinize the transactions, the use of the funds, and communications about the investments. However, if the players are said to be fraud victims instead of actors, then they might be absolved of criminal activity. However, failure to honor summons or withhold some crucial information could amount to being quite vicious for the cricketer.

 

IPL and BCCI Await Developments

 

The Indian cricket board and the newly admitted team, Gujarat Titans have not released any official statements. The scandal has started an echo in the sphere of cricket, focusing on the financial transactions of sports stars. The public and shareholders continue to wait for more information as the probe continues.

Due to the implication of star cricketers in the ₹450 crore scam, this has turned into a high-profile investigation, which supports the necessity of financial due diligence in public.