{
  "id": 17758273,
  "title": "A Rs 1,200-crore web of promises: How a Gujarat app drew investors nationwide",
  "url": "https://urgent.news/2026/11/02/a-rs-1-200-crore-web-of-promises-how-a-gujarat-app-drew-investors",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-02T06:14:00.000Z",
  "source": {
    "name": "The Indian Express",
    "slug": "the-indian-express",
    "url": "https://indianexpress.com/article/cities/ahmedabad/gujarat-app-scam-investors-crores-10946832/"
  },
  "original_language": "en",
  "account": "A 48-year-old teacher from Vadodara, a single mother, invested Rs 9.5 lakh from the sale of her 1BHK apartment into the SD Pay app in 2025. Within a year, her digital wallet balance reached Rs 50 lakh. However, the app was shut down in mid-2026, leaving her unable to withdraw her money. She initially met one of the men handling SD Pay in Vadodara, who showed her the escrow wallet and documents. When she refused to join, they offered her a signed blank cheque, promising her she could cash it at any time if she didn't trust them. The app claimed to simplify bill payments and mobile recharges, attracting 15 lakh users through referrals. Promising high initial returns, the app downloaded 15 lakh people. The accused, Dhaval Patel, used nationalistic propaganda and positioned the startup as facing opposition from competitors and the government. By mid-2026, the scam had resulted in a loss of Rs 1200 crore, with 18 FIRs filed against the accused across three states. The business model involved paying out 0.15% to 0.30% interest per day on investments, which led many people to invest more money in hopes of building wealth. However, once the initial funding ran out and no revenue was generated, the accused started issuing shares to victims, claiming an upcoming Initial Public Offering (IPO).",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}