Gandhinagar, May 8: Investors have accused ‘Shoot Space Digital Private Limited,’ a company operating from the Gujarat International Finance Tec-City (GIFT City), of large-scale fraud linked to a high-return investment scheme.
Officials reported that complaints indicate over 33,000 individuals across multiple states may have been affected, as promised returns have allegedly ceased.
According to initial investigations and numerous investor complaints, the company reportedly promoted a scheme involving investments in ‘digital data storage space’ measured in terabytes, promising a fixed monthly return of around five percent.
This model attracted investors from Gujarat, Haryana, and Goa. Initial payments were made regularly for nearly three years, which built investor trust and led to increased investments.
Many investors claim they invested substantial amounts, including their life savings, loans, and proceeds from selling property. Reports suggest individual investments ranged from ₹500,000 to ₹30 million. Some complainants have stated they are still owed payments totaling between ₹5 million and ₹8.5 million.
The situation escalated when payments reportedly stopped about two months ago, making it difficult to contact company officials. On Wednesday evening, several groups of investors gathered outside the company’s office in GIFT City, creating a tense atmosphere that required police intervention from the Dabhoda police station.
Initial estimates suggest that around 33,000 investors could be impacted, with the total alleged fraud amounting to over ₹4 billion.
Sources indicate that the company’s offices were located in GIFT City, Noida, and Jammu & Kashmir. The company held several public events and had a corporate identity that led investors to believe it was trustworthy.
Dabhoda Police Inspector Anil Chauhan stated that an investigation into these allegations is ongoing.
He said, “Investors have accused fraud, and the police are verifying facts and recording statements. So far, we have received around 32 to 33 applications, and all complainants will be summoned for detailed statements.”
Chauhan added that no FIR has been filed yet, as some investors claim they are still in contact with company representatives.
He noted, “Investors received returns for three years. Complaints mainly surfaced when payments stopped for one or two months. The investigation is still ongoing to determine who is responsible.”
Chauhan further mentioned that the home of Utpal Patel, identified as the company’s owner, was found locked, and his whereabouts are currently unknown.
He stated, “We did not find anyone at his Gandhinagar residence. Police teams are searching for him, and his statement will be recorded once located.”
He also hinted that the state’s CID Crime may become involved based on the investigation’s findings and complexity.
Investigators are examining financial transactions, agreements with investors, and communication records to determine if this operation was part of a systematic ‘Ponzi-type’ scheme, a pattern seen in other high-yield plans reported in Gujarat and elsewhere in recent months.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment