Couple booked for ₹40 lakh investment fraud in Ahmedabad

Satellite police have registered a case against a couple for allegedly duping a retired man and his brother-in-law of ₹40 lakh by promising high returns through bogus investment schemes run under the guise of two firms — Silicon Wealth Management and Silicon Real Estate.

According to the FIR lodged by Kamlesh Kantilal Shah, 68, a resident of Jodhpur, the accused Siddharth Bhupendrabhai Raval and his wife Payal Raval, both residents of Shela and proprietors of the two firms, lured him and his family into investing their savings with assurances of attractive monthly returns and guaranteed repayment within 30 days.

Shah, who lives with his wife Charuben and son Harshil, stated that the accused were known to his son through business contacts. “They used to visit our house often and convinced us that their company handled trading in equities and real estate. They claimed to pay monthly compensation to investors and assured that the principal could be withdrawn at any time,” the complaint reads.

Trusting their claims, Shah invested ₹10 lakh in June 2022, for which the accused prepared an MOU under the name of Silicon Wealth Management, signed by both parties. For the first three months, the couple allegedly paid returns as per the agreement, which further strengthened the family’s trust.

Later, in September 2022, the Ravals approached Shah again, claiming their business had grown and that they were now offering 6% monthly returns instead of 3%. Encouraged by the earlier payouts, Shah decided to invest another ₹10 lakh, while his brother-in-law, Deepak Ramanlal Shah, a resident of Vastrapur, invested ₹20 lakh. The amounts were handed over partly in cash and partly through online transfer to the accused’s personal accounts.

However, soon after, the couple stopped paying returns and stopped communicating. “Their office at Westgate, S.G. Highway, remained locked, and their phone numbers were switched off. We later learnt that they had also sold their residence in Skycity Township, Shela, and fled,” the complaint stated.

The complainant said he delayed lodging a formal complaint as he initially could not locate the investment agreement. After retrieving the documents, Shah, along with his son and brother-in-law, approached the Satellite police station on October 24, 2025, seeking legal action.

Police said that the couple had allegedly cheated several other investors across the city using similar tactics. “The accused promised unusually high returns, collected money through personal accounts, and then disappeared,” said an officer from Satellite police station.

An offence has been registered under the sections of BNS. Authorities said efforts are underway to trace the whereabouts of the couple, who are suspected of having absconded after defrauding multiple investors.