Amreli’s cyber crime police have cracked open a massive investment fraud network that lured more than 1.5 lakh investors across Gujarat with promises of extraordinary short-term financial returns, cheating them of crores of rupees through social media and digital platforms. The scam, run through mobile applications named SD Pay and Apna Pay, is estimated to have siphoned off approximately ₹634 crore. A Special Investigation Team (SIT) has arrested six accused in the case, including the company’s director.
Daily Returns and a 15-Layer Referral Bonus Used as Bait
According to information gathered so far, the accused used the S.D. Pay app to get people to invest anywhere from ₹1,000 to over ₹5 lakh, promising daily returns ranging from 0.15% to 0.30%. To further build trust and pull in more victims, they also dangled referral bonuses of 3% to 30% spread across 15 different layers. The app, which has crossed 10 lakh downloads on the Play Store, allowed the accused to rope in an estimated 1.5 to 1.75 lakh people purely through referrals, generating investments worth crores.
- ₹1,000 to ₹25,000: 0.15% daily return
- ₹25,000 to ₹1 lakh: 0.20% daily return
- ₹1 lakh to ₹5 lakh: 0.25% daily return
- Above ₹5 lakh: 0.30% daily return
- Referral bonus: 3% to 30% commission across 15 layers
₹634 Crore Routed Through Dummy Firms and 15 Bank Accounts
A case has been registered at the Amreli Cyber Crime Police Station under provisions of the BNS, the Banning of Unregulated Deposit Schemes Act, the GPID Act and the IT Act, following which an SIT was formed. During the investigation, it emerged that the accused had set up dummy companies including S.D. Hub (OPC) Pvt. Ltd., Shiv Dharti Communication and Upay Digi Payment India to collect and launder the funds. Around ₹634 crore was found deposited across 15 bank accounts linked to these companies. Investigators also uncovered 30 to 35 personal bank accounts belonging to the accused.
The Accused Arrested
- Suryasinh Rathod (24), resident of Mansa, Gandhinagar
- Ashish Gediya (38), originally from Savarkundla, currently based in Surat
- Bhavesh Chauhan (41), originally from Savarkundla, currently based in Surat
- Nishi Prasad (47), resident of Mehsana (originally from Bihar)
- Sohil Makwana (26), resident of Mehsana
- Niravkumar Patel (32), resident of Balol, Mehsana
A check on the NCCRP portal revealed that 12 bank accounts linked to the gang are already named in 83 cyber fraud complaints filed from across the country. The SIT is now carrying out a deeper investigation into additional companies and bank accounts connected to the network.