Shocking allegations have emerged of a large-scale financial fraud running into crores of rupees in the name of investment opportunities at GIFT City, Gujarat’s financial hub. A company operating under the name ‘Shoot Space Digital Private Limited’ is accused of luring investors with promises of high returns linked to “terabyte data space” investments and allegedly defrauding them of substantial sums. The matter escalated when a large number of investors gathered at the company’s office demanding action, leading to tense scenes at GIFT City. Police reached the spot and registered complaints from affected investors Following the commotion, Dabhoda Police reached the spot and brought the situation under control. Officials have begun registering complaints from affected investors and initiated a probe, including efforts to trace the company’s directors. Preliminary assessments suggest the scale of the alleged fraud could be extensive. Around 33,000 investors are believed to have been affected, with the total scam amount potentially exceeding ₹400 crore. Individual complaints indicate losses ranging from ₹5 lakh to as high as ₹3 crore. Given the gravity of the case, additional police forces were deployed to the area and investigations are currently underway. Police probe underway In this connection, Dabhoda Police Station Inspector Anil Chauhan said, “Allegations have been made that investors were not given the promised returns. A formal complaint has been lodged in the matter, following which an investigation has been initiated”. Lured to invest by purchasing terabyte data space According to the available details, the company reportedly floated an attractive investment scheme under which people were encouraged to buy “terabyte data space,” with the promise of monthly returns of up to 5 per cent. In the initial phase, the firm is said to have gained investors’ confidence by disbursing returns on time, which helped build trust and attract more participants to the scheme. People from states including Haryana and Goa had made investments On the strength of this initial trust, investors from Gujarat as well as other states such as Haryana and Goa are also reported to have invested large sums, collectively running into crores of rupees. There is growing concern that several middle-class families allegedly put their savings into the scheme, with some even selling gold jewellery or taking bank loans to invest, now leading to widespread distress among affected investors. Created a corporate image through large-scale public events such as Bhoomi Pujan ceremonies. Investors allege that the company staged large-scale public events, including Bhoomi Pujan ceremonies, to project itself as a credible corporate entity. Its presence in a premium, secure location like GIFT City and a well-appointed office further reinforced confidence among people, leading them to believe their investments were safe. However, over the past two months, returns have reportedly stopped and company officials have gone out of contact. With no responsible representatives present at the office, investors have been left distressed, triggering widespread anger and concern among those affected. Post navigation Indian companies pledge record $20.5 billion investment in US:American ambassador says ‘This is the largest we’ve ever seen’
