Gandhinagar, May 7 (AHN) Investors have alleged large-scale cheating in a high-return investment scheme linked to Shoot Space Digital Pvt. Ltd., operating from Gujarat International Finance Tec-City (GIFT City), with complaints indicating that more than 33,000 people across multiple states may have been affected after promised returns reportedly stopped, officials said on Thursday.

According to multiple investor complaints and preliminary police findings, the company allegedly promoted a scheme involving investment in “digital data storage space” measured in terabytes, offering fixed monthly returns of around five per cent.

The model reportedly attracted investors from Gujarat, Haryana and Goa, with early payouts made regularly over a period of nearly three years, which encouraged further investments and strengthened confidence in the scheme.

Several investors have claimed that they invested substantial amounts, including life savings, loans and proceeds from selling assets.

Individual exposure is reported to range between Rs five lakh and Rs three crore, with some complainants stating in their applications that outstanding payments include amounts of around Rs 50 lakh to Rs 85 lakh.

The issue escalated after payments allegedly stopped about two months ago, following which company officials became unreachable.

This led to groups of investors gathering outside the firm’s office at GIFT City on Wednesday evening, triggering tense scenes and police deployment from Dabhoda police station to control the situation.

Preliminary estimates suggest that nearly 33,000 investors may be affected, and the alleged fraud could exceed Rs 400 crore.

Sources indicate that the company maintained offices in GIFT City, Noida and Jammu and Kashmir, and organised public events and maintained a corporate presence, which investors say contributed to credibility.

Dabhoda Police Inspector Anil Chauhan told AHN that the allegations are currently under investigation.

"The fraud has been alleged by investors, and police are verifying facts while recording statements. Around 32 to 33 applications have been received so far, and all complainants will be called for detailed statements," he said.

He added that, at present, an FIR has not been registered as some investors have stated they are still in contact with company representatives.

"Investors had received returns for three years, and complaints were primarily triggered after payments stopped for a month or two. The investigation is ongoing to establish facts and determine liability," he confirmed to AHN.

Chauhan further said that the residence of Utpal Patel, identified as the owner of the firm, was found locked, and he is currently untraceable.

"We could not find anyone at his residence in Gandhinagar. Police teams are attempting to trace him, and his statement will be recorded once located," he told AHN.

He also indicated that the state's CID Crime may be involved depending on the outcome and complexity of the investigation.

Investigators are also examining financial transactions, investor agreements and communication records to determine whether the operation functioned as a structured Ponzi-type arrangement, a pattern seen in other high-return schemes reported in Gujarat and elsewhere in recent months.