Gujarat Police have uncovered an alleged investment fraud of Rs 1,211 crore run through a digital wallet application called SD Pay, also known as Apna Pay, with the investigation centred on the Amreli Cybercrime Police and a Special Investigation Team (SIT). Police say about 6.52 lakh bank accounts were associated with transactions involving Rs 1,211 crore, and 12 people have been arrested so far.

Source: The CSR Journal

According to investigators, SD Pay was launched in 2024 by Dhaval Patel, identified by police as the principal accused. The app was marketed as a wallet for bill payments and mobile recharges that promised unusually high returns — a monthly cashback of 9 per cent on deposits, according to police reports — and a 15-level referral structure that paid existing members commissions for bringing in new investors. Police allege the seven companies linked to the operation produced no substantial product or service, and that money from new investors was used to pay earlier participants.

Source: The420

Early estimate of Rs 635 crore grew to Rs 1,211 crore

The two-month investigation initially suggested a fraud of about Rs 635 crore involving around 3.15 lakh victims. Police say the scale grew sharply after investigators accessed data held by the accused. More than 15 lakh users had downloaded and used the app. By October 31, 876 victims had approached Amreli Police reporting combined losses of Rs 37.42 crore; around 900 statements have been recorded and more than 800 complaints were filed through the 1930 cybercrime helpline. Investigators have also traced 38 bank accounts linked to six companies and 72 accounts operated by 16 company directors, and identified about 95 important agents across several states.

Among the victims is a 48-year-old teacher from Vadodara who invested Rs 9.5 lakh in 2025 from the proceeds of selling her flat. Her wallet balance at one point displayed about Rs 50 lakh, but she could not withdraw the money after the app stopped functioning. Police say 31 of her relatives and colleagues also invested, contributing about Rs 42 lakh in all.

18 FIRs, bail rejected, hunt on for more accused

Police say at least 18 FIRs have been registered in connection with the scheme across Gujarat, Rajasthan, Maharashtra and Tamil Nadu, under provisions relating to cheating and criminal conspiracy and laws governing unregulated deposit schemes. Twelve people, including alleged promoters Dhaval Patel and Hiren Shah, have been arrested; bail applications of seven arrested accused were rejected by the special court dealing with cases under the Banning of Unregulated Deposit Schemes Act. Police say Narendra Kangre, who allegedly took over the operation, is absconding and a lookout circular has been issued against him.

The scheme allegedly began to falter around March 2026, when new investments dried up; police say withdrawals were then restricted and investors were offered company shares instead of repayment, on the claim that an initial public offering was coming. The Amreli Cybercrime Police registered their case on September 2, 2026, after a complaint from a policeman's wife who alleged she had lost Rs 10 lakh. Despite the scale of the alleged fraud, seizures so far total only about Rs 1.86 crore, and police are examining properties of the accused for possible attachment. The app has been removed from the Google Play Store and the Reserve Bank of India has been contacted. The investigation is continuing, and all the allegations remain to be tested in court.