GIFT City firm Shoot Space Digital: 33,000 investors allege ₹400 crore fraud
Synopsis
A GIFT City-based firm promising 5% monthly returns on digital data storage investments has left over 33,000 investors stranded after payments abruptly stopped two months ago. With the owner untraceable and the alleged fraud exceeding ₹400 crore, Gujarat Police are now verifying complaints — and CID Crime may be called in.
Key Takeaways
Shoot Space Digital Pvt.
Ltd. , operating from GIFT City, Gandhinagar , faces allegations of cheating from over 33,000 investors across multiple states.
The scheme allegedly offered fixed monthly returns of around 5% on investments in digital data storage space measured in terabytes.
Investors reportedly received regular payouts for nearly three years before payments stopped approximately two months ago .
Individual exposure reportedly ranges between ₹5 lakh and ₹3 crore ; the alleged fraud could exceed ₹400 crore .
Firm owner Utpal Patel is currently untraceable; his Gandhinagar residence was found locked by police.
An FIR has not yet been registered; Dabhoda Police have received around 32–33 applications and are recording statements.
More than 33,000 investors across multiple states have alleged large-scale cheating by Shoot Space Digital Pvt. Ltd., a company operating from Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, after promised monthly returns on a digital data storage investment scheme reportedly stopped around two months ago, police officials said on Thursday, 7 May. Preliminary estimates suggest the alleged fraud could exceed ₹400 crore.
How the Scheme Worked
According to multiple investor complaints and preliminary police findings, Shoot Space Digital allegedly promoted a scheme involving investment in
Point of View
Three years of regular payouts to build credibility, and an abrupt vanishing act once the investor base was large enough. GIFT City's brand — designed to signal regulatory rigour — may have inadvertently lent legitimacy to what investigators are now probing as a possible Ponzi-type structure. The fact that an FIR has still not been registered, despite 33,000 alleged victims and a ₹400 crore exposure estimate, raises questions about the pace of response. Gujarat's CID Crime has handled similar high-return scheme cases before; its early involvement here could be decisive.
NationPress
11 Aug 2026
Frequently Asked Questions
What is the Shoot Space Digital GIFT City fraud case?
Shoot Space Digital Pvt. Ltd., operating from GIFT City in Gandhinagar, Gujarat, allegedly ran a high-return investment scheme involving digital data storage space, promising fixed monthly returns of around 5%. Over 33,000 investors across Gujarat, Haryana, and Goa reportedly invested, but payments stopped approximately two months ago and the firm's owner has become untraceable.
How much money is allegedly involved in the Shoot Space Digital case?
Preliminary estimates suggest the alleged fraud could exceed ₹400 crore. Individual investor exposure reportedly ranges between ₹5 lakh and ₹3 crore, with some complainants stating outstanding dues of ₹50 lakh to ₹85 lakh.
Has an FIR been registered against Shoot Space Digital?
As of 7 May 2025, an FIR has not yet been registered. Dabhoda Police Inspector Anil Chauhan stated that around 32 to 33 applications have been received and that some investors have indicated they are still in contact with company representatives, which has delayed formal registration while facts are verified.
Who is the owner of Shoot Space Digital and where is he now?
The owner of Shoot Space Digital has been identified as Utpal Patel. According to Dabhoda Police Inspector Anil Chauhan, Patel's residence in Gandhinagar was found locked and he is currently untraceable. Police teams are actively attempting to locate him.
Could CID Crime take over the Shoot Space Digital investigation?
Dabhoda Police Inspector Anil Chauhan indicated that the state's CID Crime may be brought in depending on the outcome and complexity of the investigation, particularly given the scale of the alleged fraud and the number of investors affected across multiple states.
