Ahmedabad, November 2, 2026: A Gujarat-based digital wallet platform called SD Pay, also known as Apna Pay, is at the centre of an alleged multi-level marketing scam involving more than ₹1,200 crore and around 15 lakh users across several states, according to police investigators.
App Promised Daily Returns and Referral Income
SD Pay was launched in 2024 and marketed as a digital wallet for bill payments and mobile recharges.
Investigators say users were also offered unusually high daily returns of around 0.15% to 0.30%, depending on the investment amount, along with referral incentives for bringing new users into the system.
15 Lakh Users Downloaded and Used the App
Police found that more than 1.5 million users had downloaded or used SD Pay.
Of these, 6,52,831 bank accounts were linked to transactions worth about ₹1,211 crore through banking channels alone. Investigators suspect the actual amount may be higher because some investments were allegedly made in cash.
Police Describe It as a Ponzi-Like Model
According to investigators, the companies behind the platform did not generate enough revenue through genuine products or services to support the returns being promised.
Police allege that money from newer investors was used to pay earlier participants, a structure resembling a Ponzi or pyramid-style scheme.
Investors Were Drawn in Through Seminars and Online Promotion
The network allegedly expanded through seminars, Zoom calls, social media and referral marketing.
Some investors who initially earned large returns went on to recruit hundreds or even thousands of additional participants, making it difficult for investigators to distinguish between victims and active promoters.
18 FIRs Filed Across Multiple States
Police have identified at least 18 FIRs linked to the alleged scam.
Cases have been registered in Gujarat, Rajasthan, Maharashtra, Tamil Nadu and Dadra and Nagar Haveli, while investigators have identified around 95 key agents and marketing leaders operating across several regions.
12 Accused Arrested
A dozen people have been arrested so far, including alleged promoters Dhaval Patel and Hiren Shah.
Other accused remain absconding, while police continue to trace assets, bank accounts and properties linked to the network.
Reported Victim Losses Continue to Rise
By October 31, 876 victims had approached Amreli Police and reported combined losses of around ₹37.42 crore.
Authorities believe the reported losses represent only a fraction of the overall money that moved through the network.
Only ₹1.86 Crore Seized So Far
Despite the scale of the alleged fraud, police had seized only around ₹1.86 crore as of the latest update.
Investigators are now examining immovable properties and other assets that could potentially be attached to help recover money for victims.
Investigation Continues Across States
The case has become one of the largest alleged digital-wallet investment frauds under investigation in India.
Police are continuing to trace funds, identify beneficiaries and determine how much of the money moved through formal banking channels and how much may have been collected in cash.
Source: The Indian Express, The Pioneer, Gujarat Police
Supreme News Network
