SD Pay's 2 Lakh Investors and ₹635 Crore Transactions Under Probe

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Nearly 2 Lakh Investors Joined SD Pay, ₹635 Crore Transactions Now Under Probe

How Did the SD Pay Fraud Allegedly Work?

Authorities reported that participants were lured by assurances of substantial returns via the SD Pay and APna Pay platforms. An investigation revealed the applications had more than 10 lakh registered users. The accused allegedly developed the SD Pay app and distributed it through the Play Store. The scheme utilized a referral-based structure, offering incentives such as mobile recharges and monetary rewards for recruiting new members.

How Big Was the Alleged Network?

Investigators determined the application amassed over 10 lakh users, with approximately 1.75 lakh individuals connected through referral chains. The platform also maintained records of around 3.5 lakh users who engaged in transactions. The network’s growth relied heavily on incentivized recruitment, creating a cascading effect of participants.

What Did Police Find in the Bank Accounts?

Financial audits of accounts linked to the accused uncovered transactions totaling ₹635 crore over 18 months. Additional scrutiny revealed similar sums in bank accounts associated with legitimate business entities tied to the suspects. Investigators are evaluating whether the accused reported income tax, GST, or other applicable levies on these transactions.

Who Has Been Arrested?

Six individuals have been detained in connection with the case. Dhaval Patel and Hiren Shah were identified as primary orchestrators. Both were apprehended in Odisha alongside a vehicle registered in Sambalpur. Patel, an engineer, and Shah, an accountant, were part of a broader group of business owners linked to the scheme. Additional suspects hailed from regions including Ahmedabad, Mehsana, and Surat.

How Were the Alleged Masterminds Traced?

Intelligence indicated the suspects were located in Sambalpur, Odisha. Law enforcement agencies conducted cross-state operations to locate Dhaval Patel and others. After identification, the suspects were transported to the Amreli Cyber Crime unit for formal arrest and interrogation.

What Happens Next in the Investigation?

Police stated further interrogations of the detained individuals could reveal details about the broader network. Investigators are analyzing financial flows, banking records, referral structures, and tax compliance. Authorities have urged individuals who invested through SD Pay, HDP, or similar mechanisms to report their involvement and file formal complaints.

The420 Safety Tip: High Returns Deserve High Scrutiny

Unusually high returns and referral-based earnings should be scrutinized before any financial commitment. Experts recommend verifying investment opportunities discovered through social media and refraining from transferring funds without thorough due diligence.