GIFT City Digital Scam: SIT Pans Red Corner Notice against Utpal Patel 

GANDHINAGAR : The hunt for the alleged mastermind behind the multi-crore Shootspace Digital scam has moved beyond India, with the Gandhinagar SIT preparing to seek a Red Corner Notice against Utpal Patel as investigators trace suspected diversion of investor money into other companies, the stock market and cryptocurrencies.

The case centres on Shootspace Digital Private Limited, which allegedly collected money from investors in the name of data storage and terabyte-space investments in GIFT City. A Special Investigation Team was formed by Gandhinagar District Police Chief Ravi Teja Wasam Shetty to unravel the financial trail.

Investigators believe Patel had begun planning the alleged financial fraud as early as December and subsequently transferred substantial amounts collected from investors to companies linked to him.

The probe has also raised questions over the role of his wife, Bhumi Patel, who was listed as a director in companies allegedly connected to the network. She was arrested at Ahmedabad airport after returning to India following the expiry of her visa and is currently in jail.

Police have also arrested Arun Patel, Sachin Patel and Dhruv Chaudhary in connection with the case.

According to investigators, Patel fled to Dubai and later moved to Georgia before reportedly returning to Dubai. The SIT is now working towards issuing a Red Corner Notice to facilitate his return to India.

During the investigation, officials reportedly seized 10 to 15 bags containing documents, bank statements and financial records. A government chartered accountant was brought in to examine the financial transactions.

The investigation has reportedly found that around Rs 220 crore was returned to investors, while nearly Rs 70 crore was allegedly paid towards GST and income tax. An additional advance tax payment of about Rs 1 crore was also identified.

The SIT suspects that part of the money may have been moved into other businesses, equities and cryptocurrencies.

Officials say the complete scale of the alleged scam and the final money trail can be established only after Patel is brought back and questioned.