Ahmedabad9 minutes ago
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Police have so far arrested 6 accused in this case.
Gujarat’s Amreli Cyber Crime has busted an investment scam running into crores of rupees through mobile application. Six people have been arrested in the case.
The investigation team said that the accused targeted 15 lakh to 25 lakh people across the country using platforms named ‘SD Pay’ and ‘Apna Pay’.
Through these platforms, people were lured by luring them with daily cashback and 30% referral bonus. The financial investigation conducted by the authorities has revealed suspicious transactions worth approximately Rs 634 crore.
Data of three and a half lakh people registered in the application of the accused was found.
The lure of giving daily returns up to 0.15%
This fraudulent scheme was widely publicized on digital channels and social media platforms to lure retail investors with the promise of guaranteed daily payouts based on the amount deposited.
According to investigators, participants who deposited ₹1,000 to ₹25,000 were promised a daily return of 0.15%, while deposits ranging from ₹25,000 to ₹1 lakh were given a return of 0.20% per day.
For higher investments between ₹1 lakh to ₹5 lakh, the scheme promised 0.25% daily returns, increasing to 0.30% per day for amounts above ₹5 lakh.
Nearly ₹634 crore deposited in 15 corporate accounts
During the investigation, the police found that investors’ deposits were being systematically withdrawn from one account and sent to other places so that the records of the transactions could not be erased.
The accused allegedly established or operated several business entities, including SD Hub (OPC) Pvt. Ltd., Shiv Dharti Communication and Upaya Digi Payment India, through which the defrauded amount was collected and transferred to other accounts.
Records show that around ₹634 crore was deposited in 15 corporate accounts directly linked to these companies. The investigation team has also identified 30 to 35 private bank accounts linked to the accused. Forensic investigation of these accounts is underway to find out how the funds were transferred to multiple accounts.
Names of six accused…
- Suryasingh Rathod (24 years), Gandhinagar
- Ashish Gediya (38 years), Savarkundla
- Bhavesh Chauhan (41 years), Savarkundla
- Nishi Prasad (47 years), Mahesana
- Sohil Makwana (26 years), Mahesana
- Niravkumar Patel (32 years), Mahesana
A case has been registered at the Amreli Cyber Crime Police Station under relevant sections of the Indian Justice Code, Prohibition of Unregulated Deposit Schemes Act, Gujarat Protection of Depositors’ Interest Act and Information Technology Act.
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