Ahmedabad businessman duped of ₹18 lakh in investment scam, couple booked for cheating

The Anandnagar police have registered a case of cheating and criminal breach of trust against a couple from Shela for allegedly duping an Ahmedabad-based businessman of ₹18 lakh under the pretext of high-return investments in two firms Silicon Wealth Management and Silicon Real Estate.

Chirag Lalitkumar Nathalal (41), a resident of Shela Ahmedabad, states in his complaint that the accused Siddharth Bhupendrabhai Raval and his wife Payal Raval, residents of Shela convinced him and his relatives to invest money in their purported investment and real estate ventures by promising lucrative monthly returns.

Nathalal, who runs a plywood and hardware business in Anandnagar, stated that he had first met the Ravals in early 2022 through his business associates Dhaval Shah and Nimesh Desai, as well as his uncle Mukundbhai Nathalal Badani and aunt Geetaben Badani, both residents of Los Angeles.

The couple allegedly approached him in April 2022, claiming that their companies Silicon Wealth Management and Silicon Real Estate offered 'assured' monthly returns of 6% on investments. They also promised written agreements for the invested amounts and assured that the money could be withdrawn within 30 days of request.

“Believing their assurances, on April 18, 2022, my uncle Mukundbhai Badani issued a cheque of ₹9 lakh in favour of Siddharth and Payal Raval for investment purposes,” Nathalal stated.

For the next few months, the couple paid regular commissions, gaining the complainant’s trust. In early 2023, persuaded by their promises of higher returns, Nathalal and his associates handed over another ₹9 lakh in cash to the Ravals, bringing their total investment to ₹18 lakh.

However, when they later demanded written agreements and repayment, the Ravals allegedly evaded them and stopped responding to calls. Later it was found that the Raval's had vacated their rented office in Shela, and had also sold their house and moved elsewhere.

Upon further inquiries, Nathalal discovered that the couple had allegedly defrauded several other investors in a similar manner. Separate complaints have reportedly been filed against them at the Detection of Crime Branch (DCB) and Satellite Police Station.

The Anandnagar police have booked the accused couple under relevant provisions of the Bharatiya Nyaya Sanhita pertaining to cheating, criminal breach of trust, and criminal conspiracy.

Police are verifying the bank and transaction details linked to the accused’s investment firms and further investigation is on.