What started with promises of quick investment returns has grown into a large financial investigation in Gujarat, with police tracing more than ₹1,060 crore in transactions through bank accounts linked to the alleged SD PAY–APNA PAY scheme.
The case is being investigated in Amreli, where nine people have been arrested so far, while 11 more suspects are under the police scanner. A Special Investigation Team (SIT) has also been formed to take the probe forward.
Police say the scale of the case may extend far beyond the original complaint. More than 10 lakh users are believed to have been connected to the app, while around 1.5 lakh to 1.75 lakh people were allegedly brought into the investment network through referrals.
The promise that attracted investors
According to the police complaint, the app attracted users by promising quick and high returns. The offer included a 9% monthly return, cashback and other benefits. Police said some users initially received returns and cashback, which helped build trust and encouraged more people to join. The app later allegedly changed its name from SD PAY to APNA PAY after several of its services were shut down.
Referrals helped expand the network
According to Amreli SP Sanjay Kharat, referrals were among the main ways people were brought into the investment network. Police’s early findings showed that one accused had brought 271 people into the network through referrals.
As the investigation progressed, police estimated that between 1.5 lakh to 1.75 lakh people may have been persuaded to invest through the multi-level referral system. The investigation also found that the overall number of people connected to the platform could be much higher, with more than 10 lakh users reportedly linked to SD PAY.
₹1,060 crore in transactions traced
The financial investigation has led police to several accounts connected to the accused and their companies. Investigators have identified seven companies:
SD Hub
Shivdharti Communication
Shivdharti Technology
Upay Digi Payment India
Upay Digi India
U Payment India
Hustlenest Pvt Ltd
Police have detected transactions of more than ₹1,060 crore across around 17 bank accounts held by these companies. However, the ₹1,060 crore figure needs to be understood carefully. It represents the total transaction volume traced through the accounts, not an amount that police have established as the total fraud. The identified accounts have been frozen, while investigators continue to examine other accounts.
83 cyber fraud complaints
The investigation has also brought data from the National Cyber Crime Reporting Portal (NCCRP) into focus. Police found 83 cyber fraud complaints linked to 12 bank accounts, with a reported fraud amount of ₹23,08,73,567.
Investigators are now following the money trail to determine where investors’ funds were transferred and which accounts ultimately received the money. They are also examining the financial connections between the accused and trying to establish who was behind the social media promotions used to attract users.
Nine arrested, 11 more under scanner
Police have arrested nine people so far. Among those arrested are Dhaval Patel and Hiren Shah, who were held in Odisha. Bhaveshbhai Dhanecha was arrested on September 16.
The names of Narendrasinh Solanki, Mukesh Lodhi and Santosh Pathak have also emerged during the investigation, with police examining their alleged links to the case. So far, statements from 242 witnesses have been recorded.
SIT to examine the wider network
With millions of users reportedly connected to the platform and a large volume of transactions under examination, investigators are now looking at the case from several angles — the referral network, company accounts, social media promotions and the movement of investors’ money.
The SIT will investigate these links and help trace the flow of funds. The case remains under investigation, and the allegations against the accused have not been established as convictions.
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