SD Pay Scam: Amreli Police Arrest Another Accused, Total Arrests Rise To Nine; ₹1,598 Crore Trail Under Probe
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Summarized by AI; it may make mistakes. Check important info
Amreli Cyber Crime Police have arrested another accused in the alleged ₹634-crore SD Pay and Apna Pay investment scam, taking the total number of arrests to nine, including two alleged masterminds who were recently apprehended in Odisha.
The latest accused has been identified as Bhavesh Arvind Dhanecha, who was arrested following the interrogation of alleged app owners Dhaval Patel and Hiren Shah. The two were brought to Amreli from Odisha by flight after their arrest. Earlier, six other accused had been arrested in the case.
Police are investigating an alleged investment and Ponzi-style scheme operated through the SD Pay and Apna Pay mobile applications, which allegedly attracted investors by promising high returns.
Nine Arrested In Alleged Investment Scam
According to the investigation, the accused allegedly recruited 271 people through referrals at the initial stage and subsequently expanded the network to around 1.5 lakh to 1.75 lakh people through a multi-level marketing (MLM) model.
The SD Pay application reportedly recorded more than 10 lakh downloads on the Google Play Store.
An investigation through the National Cyber Crime Reporting Portal (NCCRP) has also identified around 195 cyber-fraud complaints from across the country linked to 18 bank accounts allegedly associated with the network.
Seven Shell Companies Used To Move Funds
Police have identified seven companies allegedly used to collect and divert investors' money:
- SD Hub (OPC) Pvt. Ltd.
- Shiv Dharti Communication Pvt. Ltd.
- Shivdharti Technology Pvt. Ltd.
- Upay Digi Payment India Ltd.
- UPAY DIGI India Pvt. Ltd.
- U Payment India Limited
- Hustlenest Private Limited
Investigators have found that around ₹1,598 crore was deposited into 18 bank accounts opened in the names of these companies, according to the latest police investigation.
The police are also examining another 35 to 40 bank accounts allegedly belonging to the accused to trace the flow of funds.
Investor Statements Being Recorded
The Amreli Cyber Crime Police's Special Investigation Team (SIT) is now recording statements of affected investors both in person and over the phone.
The investigation is focused on tracing the money trail, identifying the number of people affected and establishing the role of other individuals and entities allegedly linked to the scheme.
Earlier investigations had established a ₹634-crore transaction trail involving companies allegedly connected to the scheme.
The arrests of alleged masterminds Dhaval Patel and Hiren Shah in Odisha were reported earlier this week, after which both were brought to Amreli for questioning.
