In February 2024, Kamlesh [name changed], a microfinance professional, came across a Facebook advertisement that promised to revolutionize his small financial services business. The ad, posted by a company called GSUnite, offered to build fintech software and loan-processing application similar to popular India fintech platforms, complete with connections to hundreds of banks and non-banking financial companies (NBFCs).

"After seeing the ad on Facebook, I was drawn to their promise of 100+ APIs, 100+ bank partnerships, and 100+ NBFC tie-ups," Kamlesh recounts. He visited GSUnite’s office in Noida, where he met the company's director, Sahnawaj Alam, before making his first payment.

Rohit [name changed], a Direct Selling Agent (DSA) from Jaipur, had a similar experience. After seeing a Facebook ad, in September2024 he agreed to pay Rs 1.80 lakh, with Rs 30,000 upfront and the rest in installments. GSUnite promised to deliver the platform within 15 days.

"I thought this platform would help us expand our services," he says. Three months later, all he had received was a single webpage—"the same generic page they provide to everyone"—with no functionality.

GSUnite's promise appealed to many small financial service operators struggling to scale their businesses. In India, becoming a DSA requires individually approaching banks and NBFCs, enduring lengthy approval processes, and navigating complex technical integrations. GSUnite claimed to eliminate these hurdles while the reality was different.

For instance: If a loan DSA (direct selling agent) approaches HDFC Bank, the integration would take more than six months "Their tech team and ours have to collaborate to ensure compatibility. After that, they run a three-month trial to evaluate our login activity. If our numbers remain steady, they proceed; otherwise, they shut down the integration,” Kamlesh explains.

GSUnite claimed to have already solved this problem. "These people said 'we have it ready’. They promised to make a panel for us with 500 plus NBFCs registered." recalls Kamlesh. "'I have contacts with all CEOs. Contact in Yes Bank, all banks, Sahnawaj bragged.’”

Convined, Kamlesh paid Rs 40,000 upfront. The total cost for the software and applications, including all necessary APIs, was Rs 7 lakh. "So far, I’ve paid Rs 3 lakh, but in two months, all they have provided is a single webpage—something that could be built in an hour using WordPress."

Kamlesh and Rohit were not alone in being deceived by GSUnite. The Head and Tale found that dozens of small business owners allege they were scammed by GSUnite, a company operating out of Noida. These victims claim they paid thousands for the GSUnite fintech software that never lived up to the promise of delivering cutting-edge solutions. 

India's booming digital economy has created unprecedented opportunities for small entrepreneurs. Recently, National Payments Corporation of India (NPCI) non-executive chairman Ajay Kumar Choudhary said that the Indian fintech industry is estimated to be around $110 billion in 2024 and its projected to reach about $420 billion by 2029. For small business owners like Kamlesh, having access to digital tools is crucial to remaining competitive.

As India’s fintech sector expands, so do the risks of fraud, affecting both individuals and businesses. While scams like unauthorized transactions, fake loan offers, and investment fraud have long targeted consumers, a growing number of entities are exploiting the fintech boom in new ways. Cases like GSUnite suggest that this may not be an isolated issue, with similar operations potentially leaving business owners struggling with financial losses and legal uncertainty.

GSUnite, operating under various names including GSUnite India Ltd, Bharatgrow (Dglyf Innovation Pvt Ltd), Gsmart, has positioned itself as a gateway to this digital transformation. According to victims interviewed for this story, the company advertises heavily on Facebook, promising to build customized financial technology platforms that would connect small businesses to India's banking infrastructure.

"They keep running ads on Facebook in the name of Fintech," says Kamlesh, describing how he first encountered the company. "When we reached out to them, whatever we were asking for and demanding in terms of requirements, they were agreeing to, saying 'yes, we will give it to you.'"

For Kolkata-based Gopal [name changed], who reached out to GSUnite on November 30, 2024, the appeal was similar. "My wife and I started a partnership firm as a startup," he explains. "We used to do small-scale work, like loan facilitation. I thought we'd build software for this."

GSUnite has been consistently shady in its dealing with its clients. After initial payments, GSUnite delivers a basic, webpage. When clients follow up about the promised features, the company begins a cycle of delays and excuses. What more! They demand for more payments without any progress.

"When I said many times that two months has passed, three has months passed," Kamlesh describes, "Then they started asking for more payment: 'give Rs 50,000 then we will start, you give Rs 1 lakh then we will start.' That is when I doubted that this is probably a scam because they had not done any work."

Gopal's experience mirrors this. "After I had paid them Rs 25,000, they asked me to pay the remaining amount. So, I gave them another Rs 10,000. In total, I paid them Rs 37000," he says. "Then they told me, 'Pay the remaining amount, and then we'll make it live.'"

When clients press for updates, communication becomes increasingly difficult. "They keep changing their phone numbers, never use their own personal number, and only answer calls on WhatsApp," says Gopal. "If you try calling them normally, they won't pick up."

"They clearly refused to meet. These people said 'we will tell on Monday, we will fix the meeting,' then 'we will tell on Friday.' Like this they did golmaal [created confusion]."

Another victim from Maharashtra, Rajesh [name changed] recalls that he signed an agreement with GSUnite in November 2023 for fintech software promised within 15 days. "For 1.5 years, I kept following up," he says. "Only after I filed a cybercrime complaint did they suddenly claim the software was ready. I had already paid Rs 4 lakh."

Interestingly, in some cases, GSUnite also asked clients into signing FLDG agreements, requiring them to deposit 15% of their lending business capital to ‘expand’ their operations. “Sahnawaj told me he also has an NBFC, which can lend money in return of FLDG. For me, product development was priority, since that never got built, there was no question of engaging with them on anything else.”

When clients become suspicious and demand refunds, GSUnite employs various tactics to delay or avoid repayment, according to multiple victims.

"When I complained about him in cybercrime, then he messaged me," says Rohit about his interaction with SahnawajAlam. "He said okay, you send me a mail, we will refund your money. However, I did not mail them because I knew I won't get any refund. They were just protecting themselves by getting us to sign some paper."

This paper, described by several victims, appears to be a non-disclosure agreement that would prevent them from speaking out about their experiences.

"They wanted me to sign and send some affidavit which said 'you are being refunded, now you will withdraw your complaint, and agreeing not to say anything against the company,'" explains one victim. "That's basically an apology statement."

The company also uses physical evasion. Several victims report that when they attempted to visit GSUnite's office at the address provided, they discovered the office had moved or didn't exist.

"A guard said that this office is closed," says Rohit about his visit to the Noida Tower A address in December. “Immediately, when I started returning, a call came that 'how did you come without asking, without fixing the meeting…basically the guards may have informed them.”

When victims demand to meet in person to resolve issues, the company refuses. "They said, 'We don't meet in person; just send the document by courier,'" recounts one victim. "I asked, 'Why do you need a courier when I can hand it over directly? Whether you take the document from me in person or via courier, it's the same thing, right?' But they insisted, 'No, we will only accept it via courier.'"

Multiple victims mention clauses in their agreements that limit the company's liability.

"Everyone's agreement has a clause stating that delays can happen due to third parties," explains one victim. "That's their excuse for not delivering services. They also send emails saying, 'We are processing your request, but we haven't received a response from the third party, so your project is delayed.'"

When we ask them to provide evidence of these third-party delays, GSUnite refuses, citing "security concerns”, the victims claim.

The contracts also contain arbitration clauses requiring that disputes be resolved in Delhi, making legal action more difficult for clients from other parts of India.

"They don't explicitly threaten, but they make it clear that they have arbitration clauses in every agreement," says one victim.

The victims who spoke for this article represent only a fraction of those allegedly defrauded by GSUnite. They describe extensive efforts to find others who have had similar experiences.

"There are many victims, but where do we find the data? says one victim. "Previously, Facebook comments exposed their scam, but they've deleted those now."

The victims believe GSUnite has adjusted its tactics over time to make detection more difficult. "So they have slightly changed their scam. Now, they target small customers—Rs 20,000 to Rs 25,000 amounts," explains one victim. "Earlier, they went after big amounts like Rs 4-5 lakh. They know that someone who loses Rs 20,000 won't go to the police station 10 times."

The company also appears to use fake social media interactions to attract new clients. "Check their Facebook comments," says one victim. "Most likes are from Sonam Gupta [who they identify as a director]. And she comments things like, 'What is the price of the software?' Then Bharatgrow responds, 'Please contact us on this number.' If Sonam Gupta is a director in the company, why is she asking the price?"

Many victims have filed complaints with local police, cybercrime units, and the courts, but report facing significant obstacles.

"I went to the police station and showed them that I'm not the only victim—many others have suffered," says Gopal. "The police understood and suggested a settlement."

Rohit describes hitting bureaucratic walls: "When I tried complaining with the cyber cell, they told us that since we visited their office in person, they couldn't take the complaint. They said they could only accept cyber complaints if everything had happened online. So, now I have filed a case."

Some victims have sent legal notices. "I sent them a legal notice two months ago, giving them one month to either provide the service or refund my money," says Kamlesh. "After receiving it, Sahnawaj messaged me on WhatsApp, mocking me for sending a legal notice to a lawyer. He said, 'Let's see what your lawyer can do.'"

Despite these challenges, victims are continuing to pursue legal remedies. "The court has now issued them a notice," he adds. "The case has been registered."

According to victims, GSUnite is primarily run by Sahnawaz Alam and Sonam Gupta; and Aditya Shrivastav, who is their main salesperson. The company also appears to operate under multiple names. "They don't operate under one company—they register multiple companies," explains one victim.

Alam’s LinkedIn profile describes him as an ‘Investor | Advisor | Social Activist | Author’.

None of these companies — incorporated in Delhi, Haryana, Karnataka, Kerala – associated with Sahnawaj Alam have filed anything with MCA [Ministry of Corporate Affairs] since 2022.

The victims hope that by speaking out, they can prevent others from falling victim to similar scams. "If we expose them publicly, future victims can at least Google their names and see the truth," says one victim. Few comments on the company’s social media pages also suggest that the company takes money but doesn't provide ATM machines.

They believe that small-scale frauds often go unreported because victims feel the amounts aren't worth pursuing. "I told them my loss wasn't very big, but if everyone just keeps paying and sitting quietly, these people will keep scamming," says Gopal. 

[The Head and Tale reviewed multiple emails and WhatsApp conversations between GSUnite and its victims before publishing this story.]

GSUnite and Shahnawaz Alam have not responded to a detailed email query.