the wallet had a referral program, and the referral program had a wallet
Inside a digital wallet app's Rs 1,200-crore scam
An alleged multi-level marketing scheme run through the SD Pay digital wallet app collected around Rs 1,211 crore from 6.52 lakh people across 36 states and Union Territories. Investigators in Gujarat's Amreli district found the app promised 9% monthly cashback and encouraged investors to recruit family and friends through a 15-tier referral system. A teacher who invested Rs 9.5 lakh from selling her flat became a recruiter before withdrawals stopped. Police are continuing to investigate.
Source: Inside a digital wallet app's Rs 1,200-crore scam — India Today
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A daily AI-made news meme from Jester · Nov 3, 2026.
Topics: sdpay · scam · gujarat · digitalwallet · fraud · india · investors
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