Ahmedabad: A group of investors from across the country has sought a court-monitored investigation into the affairs of Shoot Space Digital Pvt Ltd (SDPL), a company that operated from GIFT City and is already under police scrutiny in an alleged investment fraud case.Representing the investors, Dr Neeraj Rawat on Monday urged judicial and govt authorities to order an independent, transparent and time-bound probe into the company’s financial activities. The investors have raised concerns over SDPL’s business model, which was marketed as a data centre and IT infrastructure venture offering investment opportunities through “server ownership fragments” linked to data storage services.According to investors, SDPL managing director Utpal Patel recently said during a virtual interaction that the company lacked functional data centre infrastructure, servers and active client data storage operations. If confirmed, they said, the disclosure would raise serious questions about the company’s business model and the basis on which investments were sought.The investors alleged that funds were mobilised through formal banking channels and that commissions, incentives and other payouts were made to intermediaries for bringing in new participants. They claimed that thousands of investors committed personal savings, retirement funds, and even borrowed money, influenced in part by the company’s presence in GIFT City.The group has demanded a forensic audit of all bank accounts linked to SDPL, tracing fund flows to directors, promoters, channel partners and related entities, identifying the beneficiaries, and attaching assets in accordance with due legal process. It has also requested a review of regulatory oversight mechanisms within GIFT City.The demands come amid an ongoing investigation into the alleged scam, which police suspect may have affected over 5,000 investors and involved investments exceeding Rs 100 crore. The group said a thorough probe was essential to restore confidence in India’s emerging financial hubs and strengthen investor protection.
