Six Arrested in Gujarat Over ₹634 Crore SD Pay Mobile Investment Scam

Post Views: 11

Police in Gujarat’s Amreli have dismantled a large-scale investment fraud scheme operating through mobile applications, leading to the arrest of six individuals linked to the operation.

Structured Return Mechanisms and Incentive Schemes

The fraudulent operation leveraged digital and social media channels to attract retail investors by offering guaranteed daily payouts tied to deposited funds. According to investigative findings, participants who invested between ₹1,000 and ₹25,000 received a daily return of 0.15%, while those depositing ₹25,000 to ₹1 lakh were promised a 0.20% daily yield. For investments ranging from ₹1 lakh to ₹5 lakh, the scheme offered 0.25% daily returns, escalating to 0.30% for amounts exceeding ₹5 lakh.

Corporate Entities and Dispersed Bank Accounts

During the probe, law enforcement uncovered that funds from investors were systematically distributed across multiple entities to obscure financial trails. The accused allegedly operated or controlled business entities such as S.D. Hub (OPC) Private Limited, Shiv Dharti Communication, and Upay Digi Payment India to aggregate and redirect funds. Financial records indicate that ₹634 crore was deposited into 15 corporate accounts linked to these organizations.

Six Suspects Arrested as Nationwide Inquiry Expands

A specialized investigative team apprehended six individuals, including Suryasinh Rathod, 24, from Mansa in Gandhinagar; Ashish Gedia, 38, and Bhavesh Chauhan, 41, both from Savarkundla in Surat; Nishi Prasad, 47, a Mehsana resident originally from Bihar; Sohil Makwana, 26, from Mehsana; and Niravkumar Patel, 32, of Balol in Mehsana. A formal case has been filed, with authorities expanding their inquiry to address the scheme’s nationwide reach.

According to investigative findings, participants who invested between ₹1,000 and ₹25,000 received a daily return of 0.15%, while those depositing ₹25,000 to ₹1 lakh were promised a 0.20% daily yield.

Investigators have also identified 30 to 35 personal bank accounts associated with the accused. Ongoing forensic analysis aims to trace how funds were layered across accounts, determine the origin and final destination of proceeds, and assess how the collected money was allocated or utilized. The investigation highlights a broad geographic footprint, as evidenced by 83 cyber fraud complaints reported through the National Cyber Crime Reporting Portal. Further actions are anticipated as authorities continue to trace the network’s operations and hold additional parties accountable.