Ahmedabad, June 17 (SocialNews.XYZ) The Economic Offences Wing (EOW) of the Ahmedabad Crime Branch in Gujarat has arrested a husband-and-wife duo for allegedly defrauding a complainant and his relatives of more than Rs 10.36 crore through a fabricated share market investment scheme, misuse of digital signatures and forged financial documents, officials said on Wednesday.
The accused have been identified as Javelin alias Jay Nayak (32) and his wife Boski (34), both Chartered Accountants and residents of the Sargasan area in Gandhinagar.
According to the police, they are close relatives of the complainant, Kaushalkumar Nayak, and allegedly exploited that trust to carry out the fraud.
As per the details, the complainant was induced to invest in alleged long-term share market schemes with assurances of unusually high returns.
Between 2022 and 2025, the accused allegedly gained access to his bank account credentials and facilitated transfers totalling Rs 5,91,91,448 from his accounts.
In addition, funds belonging to his relatives, routed through the complainant on the promise of higher returns, amounting to Rs 4,44,24,068, were also transferred.
The total amount allegedly diverted into multiple accounts controlled by the accused stands at Rs 10,36,15,516.
The investigation further revealed that the accused allegedly misused the complainant’s digital signature and personal identity documents, including PAN card, Aadhaar card, ration card, e-signature, electricity and tax bills, and property records of the family, to create fake entities and open bank accounts.
They also allegedly produced forged financial instruments to mislead the complainant and authorities. "These included a fabricated ICICI Bank certificate falsely showing a balance of Rs 90,21,73,737 using counterfeit stamps and letterheads, and a forged HDFC Bank transaction slip dated 11/02/2026 claiming a credit of Rs 50 lakh," an official said.
In addition, fake emails were reportedly sent under the names “Hamidraja” and Angel Broking, including a false claim of a withdrawal request of Rs 2.25 crore from an Angel One account.
The accused are also alleged to have involved the complainant in a company named RSVP Infotech Solutions Private Limited, appointing him as a director.
"A board resolution dated 16/06/2025 was reportedly prepared in his absence, carrying forged signatures and approving the resignation of two directors," officials said.
A current account was also opened with Yes Bank, and the complainant’s digital signature was allegedly misused to conduct large-scale transactions in multiple companies despite no genuine business activity being carried out.
Out of the total funds, Rs 2,37,40,294 was shown as invested in the complainant’s Angel One demat account, leaving a balance of Rs 1,02,71,271 and resulting in an alleged loss of Rs 1,34,69,023.
The remaining Rs 7,98,75,222, along with Rs 5.55 lakh from mutual funds belonging to the complainant and his wife, totalling Rs 8,04,30,222, was allegedly diverted into accounts controlled by the accused instead of being invested in the share market as promised.
An FIR has been registered at DCB A-part under Sections 316(2), 316(5), 336(2), 336(3), 340(2), 341(4) and 61 of the Bharatiya Nyaya Sanhita.
Multiple teams are deployed to examine bank records, financial transactions and documentary evidence linked to the alleged fraud.
Assistant Commissioner of Police (ACP) Manoj Chavda said the complainant, a retired engineer, had been assured high returns on long-term share market investments by the accused.
“They contacted the complainant and assured him that if he invested a large amount in the share market, he would receive monthly returns of around three per cent or even up to 50 per cent. The complainant, who had retired from his engineering profession about six months ago, invested nearly Rs 5 crore between 2021 and 2025. His relatives also invested around Rs 4.5 crore, taking the total to over Rs 10 crore,” ACP Chavda said.
He added that when the complainant later required funds for his daughter’s education in the United States, the accused provided forged bank receipts and assurances of credited amounts, which were later found to be false during verification.
“They kept giving excuses of losses and pending credits, but no money was returned. Eventually, when they refused repayment, a complaint was filed with the Economic Offences Wing, leading to their arrest,” he said.
Both accused have been remanded to police custody till June 21.
Source: IANS
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