Rajkot: Amreli Cyber Crime police have arrested six people in connection with an alleged investment fraud network that promised high returns through the “SD Pay” or “Apna Pay” application. Investigators have traced around Rs 634 crore deposited into bank accounts linked to the accused and companies used to operate the scheme.Those arrested are Ashish Gedia (38), Bhavesh Chauhan (41), Nishi Prasad (47), Sohil Makwana (26), Niravkumar Patel (32) and Suryasingh Rathod (24).Police said they identified 30-35 bank accounts held by the six accused across different banks. Preliminary inquiries found that seven companies had been floated by the accused and 15 bank accounts were opened in their names. Around Rs 634 crore was deposited into these accounts, according to investigators.Officials said the accounts were linked to 83 cyberfraud complaints. Based on those complaints, the amount allegedly defrauded stands at Rs 23 lakh, while transactions worth Rs 76.84 lakh are under dispute. Police said both figures could increase as the investigation progresses.A complaint was registered at Amreli Cyber Crime police station on Sep 2 for cheating, criminal conspiracy and abetment under the Bharatiya Nyaya Sanhita, Sections 21(3) and 23 of the Banning of Unregulated Deposit Schemes Act, 2019, Section 3 of the Gujarat Protection of Interests of Depositors Act, Sections 4 and 5 of the Prize Chits and Money Circulation Schemes (Banning) Act, and provisions of the Information Technology Act.The complainant, Vanita Mahida (33), a resident of the Savarkundla-Jesar Road area of Amreli district, named Dhaval Patel, owner of SD Pay or Apna Pay, along with Gedia, Chauhan, promoters, directors, operators, agents of the application and unidentified associates as accused.Mahida said she invested Rs 10 lakh through the application in Dec 2025 after being promised monthly returns of 9% and other benefits. The application initially showed returns and allowed users to transfer money to their bank accounts.She alleged that withdrawals were later blocked. When she contacted Gedia, she was told the application was undergoing an update and withdrawals would resume shortly. After failing to recover her money, she approached police.According to investigators, the SD Pay or Apna Pay application promoted investment schemes while also offering services such as mobile recharges, bill payments, ticket bookings and money transfers.Amreli superintendent of police Sanjay Kharat said investors were offered daily returns of 0.15% on investments ranging from Rs 1,000 to Rs 15,000. This translated to a monthly return of 4.5% and an annual return exceeding 50%. The accused also allegedly advertised annual returns of around 110% on investments of Rs 5 lakh.Preliminary inquiries suggest the company had around 3.5 lakh customers. Police said investors were mainly from Ahmedabad, Gandhinagar, Surat, Mehsana, Himmatnagar, Valsad, Amreli and several districts of Maharashtra.Investigators said the accused appointed agents to promote the schemes and conduct investment seminars at various locations. According to police, the collected funds were not invested in any business activity. They suspect the operation functioned as a pyramid or Ponzi scheme in which returns to existing investors were paid from money collected from newer participants.Police said around 10 lakh people in Gujarat downloaded the application. Data related to approximately 3.5 lakh users has been obtained and is being verified.Investigators said Dhaval Patel, Narendrasinh Solanki, Suryasingh Rathod and Hiren Shah were involved in establishing the company. Police are searching for Patel, Shah and other absconding accused.Amreli district police have formed a special investigation team headed by ASP Jayveer Gadhvi.“During interrogation, the accused said more than 25 lakh people were associated with the application. The amounts defrauded and disputed could rise substantially as more complaints are examined,” Gadhvi said.Preliminary inquiries found that the application had been operational since 2024. Police said payment of returns through the platform stopped in March 2026.
