Ahmedabad man accuses CA brother-in-law, wife of ₹10.36 crore investment fraud, Crime Branch registers case

The Economic Wing of  Crime Branch has registered a cheating and criminal breach of trust case against a chartered accountant and his wife after an Ahmedabad-based engineer alleged that they defrauded him and his relatives of more than ₹10.36 crore over several years by promising lucrative long-term returns through stock market investments.

Kaushalkumar Nayak (48), a resident of Gota and a civil engineer by profession, alleged that his brother-in-law, Javelin alias Jay Prakashbhai Nayak, a chartered accountant based in Gandhinagar, and his wife Boski Nayak persuaded him in 2021 to invest substantial sums in the stock market. The couple allegedly assured him of fixed returns of three per cent per month or profit-sharing arrangements, claiming they possessed expertise in equity trading and financial investments.

Police said the complainant gradually entrusted the accused with complete access to his financial affairs, including his bank accounts, income tax matters and investment portfolio, as the accused had been handling the family's accounting and tax work since 2014. Believing their assurances, Nayak allegedly transferred funds from his ICICI Bank account into multiple bank accounts operated by the accused, including accounts with Kotak Mahindra Bank, Punjab National Bank, Axis Bank and Yes Bank.

The complainant has alleged that between 2021 and 2026, he transferred ₹5.91 crore from his personal accounts, while an additional ₹4.44 crore was collected from several of his relatives after they too were persuaded to invest. In total, the accused allegedly received ₹10.36 crore for investment purposes.

According to the complaint, only ₹2.37 crore was actually invested in the complainant's demat account with Angel One, while the remaining ₹7.98 crore was allegedly diverted into the accused's personal bank accounts. The complainant further alleged that the investments eventually suffered heavy losses, leaving only ₹1.02 crore in the demat account, resulting in an investment loss of more than ₹1.34 crore.

The accused repeatedly fabricated account statements and profit reports bearing the Angel One logo to falsely portray profitable investments. Investigators stated that fake bank statements, forged bank certificates and fabricated transaction slips were allegedly created using counterfeit bank logos and letterheads to convince the complainant that substantial funds had been credited to his accounts.

Police said the forged documents were allegedly used when the complainant sought proof of funds to obtain a student visa for his daughter, who planned to pursue higher education in the United States. The accused allegedly supplied forged balance certificates reflecting deposits of ₹90.21 lakh and ₹50 lakh that, according to the complainant, never actually existed.

The accused fraudulently incorporated the complainant as a director in a private company, RSVP Infotech Solution Pvt Ltd, without his knowledge. Police said forged signatures were allegedly used to file corporate documents, accept the resignation of other directors, open bank accounts and conduct high-value financial transactions through the company despite the complainant not attending any board meetings or consenting to such appointments.

Investigators have also been told that the accused allegedly misused the complainant's Aadhaar card, PAN card, digital signatures, property documents, utility bills and other identity documents to open bank accounts and facilitate financial transactions. Mutual fund proceeds amounting to ₹5.55 lakh belonging to the complainant and his wife were also allegedly diverted to the accused's bank accounts.

When the complainant and his relatives began demanding the return of their investments earlier this year, the accused allegedly issued cheques that were subsequently dishonoured. The complainant has also alleged that fake screenshots showing successful fund transfers were shared to mislead investors into believing repayments had been made.

A case has been registered against Javelin alias Jay Prakashbhai Nayak, his wife Boski Nayak and other unidentified persons for offences including cheating, criminal breach of trust, forgery, use of forged documents and criminal conspiracy under the Bharatiya Nyaya Sanhita. Police have launched a detailed investigation into the alleged financial transactions, forged corporate records, digital evidence and bank accounts involved in the case.

Investigators are also examining whether the accused similarly duped other investors through comparable investment schemes and whether additional financial irregularities were committed using the complainant's identity and corporate credentials.