📷 Image: Wikimedia Commons / ArvindKarad
Crime
Gujarat police bust Rs 1,200 crore SD Pay app scam that duped 6.5 lakh investors
✍️ India Today
🗓 04 Nov 2026, 05:16 AM
👁 9
After a two‑month investigation, Gujarat police arrested the masterminds behind the SD Pay mobile‑app fraud that swindled about 6.5 lakh investors of roughly Rs 1,200 crore.
Gujarat police announced on Friday that they have arrested the key figures behind the SD Pay mobile‑application scam, which allegedly siphoned off close to Rs 1,200 crore from more than 6.5 lakh investors across the state. The operation, which began after a two‑month probe, culminated in a coordinated raid on the suspects' offices and residences, resulting in the seizure of cash, gold and electronic devices.
According to the police, the SD Pay app marketed itself as a high‑return investment platform, promising returns of up to 30 percent per month. Users were required to deposit funds through bank transfers and were shown fabricated statements to create an illusion of profitability. Over time, the scheme collapsed as withdrawals were repeatedly delayed, prompting complaints from thousands of aggrieved investors.
The Enforcement Directorate has been handed over the case for further investigation, and the arrested individuals are being interrogated for details of the network and any possible links to other financial frauds. Authorities have also set up a helpline for victims to lodge complaints and seek assistance in recovering their money.
State officials said they would monitor the situation closely and consider additional measures to protect retail investors from similar digital‑finance scams. The incident has reignited calls for stricter regulation of mobile‑based investment platforms in India.
According to the police, the SD Pay app marketed itself as a high‑return investment platform, promising returns of up to 30 percent per month. Users were required to deposit funds through bank transfers and were shown fabricated statements to create an illusion of profitability. Over time, the scheme collapsed as withdrawals were repeatedly delayed, prompting complaints from thousands of aggrieved investors.
The Enforcement Directorate has been handed over the case for further investigation, and the arrested individuals are being interrogated for details of the network and any possible links to other financial frauds. Authorities have also set up a helpline for victims to lodge complaints and seek assistance in recovering their money.
State officials said they would monitor the situation closely and consider additional measures to protect retail investors from similar digital‑finance scams. The incident has reignited calls for stricter regulation of mobile‑based investment platforms in India.