GIFT City ShootSpace Digital Fraud: Another FIR Alleges Rs 8.6 Crore Fraud With 40+ Investors

Ahmedabad: A data-storage company, namely Shoot Space Digital Private Limited operating from Infocity in Gandhinagar and GIFT City has been booked in another case. This time A Himmatnagar-based professor has alleged that company defrauded him and 41 other investors of more than Rs 8.6 crore through a “sell and lease back” scheme that promised fixed monthly returns. Dabhoda police have registered an FIR against the company’s founder-director, five other directors and a zonal manager.

According to the complaint, the accused allegedly lured investors into buying digital storage space, promising to lease it back for seven years and pay fixed monthly returns. The professor was introduced to the scheme by a chartered accountant in March 2025 and later visited the company’s office at the World Trade Centre complex in GIFT City.

The company allegedly offered one terabyte of digital storage for Rs 38,940 for seven years, with monthly returns of over Rs 1,650. The accused reportedly claimed they were setting up a major data centre in GIFT City that would store a significant share of the world’s digital data in India and had agreements with foreign companies.

The complainant alleged that the company signed digital agreements and issued invoices showing GST and tax deductions to make the transactions appear genuine. Trusting these assurances, he invested Rs 95.4 lakh in the names of himself, his wife and daughter to purchase 245 terabytes of storage.

The company allegedly paid rent for the initial months, but the payments stopped after February 2026. When investors visited the GIFT City office, they reportedly found it locked. The accused later became unreachable and stopped responding to calls, the complaint stated.

The complaint names 41 investors and witnesses from across the country, including Bengaluru, Mumbai, Raipur, Bhilai, Tripura and Jammu & Kashmir. Their combined claims exceed Rs 8.6 crore.

The complainant also alleged that funds collected through the company were diverted to sister concerns. Police have booked the six directors and the zonal manager and launched an investigation into the alleged fraud. DeshGujarat