Gandhinagar: A major investment fraud case has surfaced in Gujarat International Finance Tec-City (GIFT City), where Shoot Space Digital Pvt. Ltd. has been accused of allegedly duping thousands of investors through a high-return investment scheme linked to terabyte data storage space.

According to reports, the company lured investors by promising monthly returns of nearly 5% in exchange for investments in digital data storage space. To gain investors’ confidence, the company initially paid returns regularly. However, payments reportedly stopped abruptly nearly two months ago, following which company officials allegedly cut off all communication.

Preliminary estimates suggest that more than 33,000 investors may have been affected by the scheme. The alleged fraud is estimated to involve over Rs 400 crore, with individual losses ranging from Rs 5 lakh to nearly Rs 3 crore.

Investors alleged that the company created a strong corporate image through large public events, including ground-breaking ceremonies, while its office in GIFT City helped reinforce confidence among investors regarding the legitimacy of the business.

Tension escalated on Wednesday after a large number of investors gathered outside the company’s office demanding action and clarification, leading to chaotic scenes in the area. Following the unrest, personnel from Dabhoda police station were deployed to maintain law and order, and police presence has since been intensified around the premises.

Police Inspector Anil Chauhan confirmed that an inquiry has been initiated based on complaints submitted by investors. Authorities are currently searching for the company’s operators and officials.

Police said that if the ongoing investigation establishes evidence of criminal wrongdoing, formal cases will be registered against all those found responsible. DeshGujarat