The Indian Express reported that a Gujarat probe tied ₹1,211 crore (₹12.11 billion) in bank transactions to SD Pay, a figure that does not establish how much investors lost.
The tally came from a Special Investigation Team (SIT) and covered transactions through 652,831 bank accounts linked to the app, the newspaper reported. In a separate count, 876 people had reported losses of ₹37.42 crore (₹374.2 million) to Amreli Police by Oct. 31, it said.
The account figure is not a headcount of people. The Indian Express also reported that investigators had yet to trace all cash allegedly collected through agents.
Police described SD Pay as a digital wallet offering 9% monthly cashback and a 15-level referral program, India Today reported. The outlet said the alleged network reached 36 states and Union Territories. The Indian Express separately reported alleged daily returns from 0.15% to 0.30%, varying with investment size; the reports do not explain how those terms fit together.
Amreli Police said in a statement cited by The Indian Express that interest was allegedly paid from income generated through later participants. India Today separately reported investigators suspect deposits from new participants funded payments to earlier ones. The outlet said withdrawals were allegedly restricted after deposits began slowing around March 2026, and investors were offered shares in a company linked to a planned initial public offering.
Amreli Police's Sept. 8 post announced six arrests and put the suspected fraud at ₹635 crore at that stage. The Indian Express reported an earlier FIR involving the same group was filed with Gujarat CID Crime in September 2025.
As of 5:35 a.m. ET Tuesday, Nov. 3 (4:05 p.m. IST), 12 people had been arrested, investigators had recorded about 900 statements and more than 800 complaints had arrived through the 1930 cybercrime helpline, India Today reported. The Indian Express said police had seized ₹1.86 crore by Monday, Nov. 2, and planned to ask a court to attach property linked to the accused.
