Gandhinagar | A major investment scam has come to light at GIFT City in Gandhinagar, Gujarat’s prominent financial hub, where preliminary investigations suggest fraud exceeding ₹400 crore. Thousands of investors were allegedly trapped through a fake “data space investment scheme” promoted by a company named Shoot Space Digital Private Limited.
According to officials, the company attracted investors by offering an unusual product called “terabyte data space,” along with promises of high monthly returns. The scheme reportedly assured around 5% monthly profit, which initially was paid regularly to build trust. Once credibility was established, investors poured in their life savings in large numbers.
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Investigations indicate that nearly 33,000 investors may have been affected across multiple states. Individual investments reportedly range from ₹5 lakh to as high as ₹3 crore. Many investors, believing the scheme to be legitimate, invested not only savings but also borrowed money or sold assets such as gold jewellery.
The situation escalated when payments suddenly stopped. Large groups of investors gathered outside the company’s office in GIFT City, demanding answers and their money back. The protest quickly turned tense, prompting police intervention. Authorities controlled the situation and began registering formal complaints from affected individuals.
Preliminary findings suggest that the scheme was not a simple investment plan but a carefully structured financial fraud network. The company allegedly built a strong public image through large-scale promotional events and ceremonial functions, including “Bhoomi Pujan” style programs, to appear credible and trustworthy.
Cybercrime expert and former IPS officer Professor Triveni Singh described the case as a classic example of a modern digital Ponzi scheme. He stated, “Fraudsters today use attractive technical terminology like data space, cloud storage, and blockchain to mislead investors. They first build trust by paying small returns, then expand the network rapidly, and finally shut operations once a large amount is collected. This is essentially social engineering-based cyber fraud.”
Police officials confirmed that investigations are underway into the company’s directors, financial transactions, and digital records. Bank accounts, email communications, and server data are being examined to trace the complete money flow and identify all individuals involved.
Authorities also revealed that the scam is not limited to Gujarat. Investors from Haryana, Goa, and several other states have also been affected. Many middle-class families reportedly invested heavily, some even taking bank loans or pledging jewellery to participate in the scheme.
The financial impact has left several families in distress. With returns halted, many investors are now facing mounting debts and severe financial pressure. Reports suggest that some victims are under significant emotional and psychological stress due to the sudden loss of savings.
Investigating agencies are now focusing on tracing the “money trail” and identifying whether funds were routed through shell companies or fake bank accounts. Coordination has been established between multiple state police forces and financial intelligence units to map the entire network.
Officials have issued public advisories urging citizens to exercise caution before investing in schemes promising unusually high returns. Experts warn that such models often collapse suddenly, leaving investors with heavy losses.
The investigation remains ongoing, and authorities believe that further arrests and disclosures are likely as deeper layers of the alleged scam are uncovered in the coming days.
