Ahmedabad, June 18: The Economic Offenses Wing (EOW) of the Ahmedabad Crime Branch has arrested a couple in connection with a significant investment fraud case. The couple is accused of defrauding an individual and his relatives of over ₹10.36 crore through a fake stock market investment scheme, misuse of digital signatures, and forged financial documents.
The accused have been identified as Jay Naik, also known as Javelin (32), and his wife Boski (34). Both are chartered accountants residing in the Saragasan area of Gandhinagar.
According to police reports, the couple exploited their close relationship with the complainant, Kaushalkumar Naik, to commit the fraud. They allegedly convinced him to invest in a purported long-term stock market scheme by promising high returns.
Between 2022 and 2025, the accused reportedly obtained the complainant’s bank account details and transferred a total of ₹5,91,91,448 from his account. Additionally, they transferred ₹4,44,24,068 from the accounts of the complainant’s relatives, all under the pretense of high returns. The total amount transferred to various accounts controlled by the accused is said to be ₹10,36,15,516.
The investigation revealed that the couple misused the complainant’s digital signatures and identification documents—including PAN cards, Aadhaar cards, ration cards, e-signatures, electricity and tax bills, and property papers—to create fake companies and open bank accounts.
They allegedly presented fake financial documents to mislead the complainant and authorities. An officer stated, “Among these was a counterfeit certificate from ICICI Bank, created using fake stamps and letterheads, showing a balance of ₹90,21,73,737, along with a fraudulent transaction slip claiming a credit of ₹50 lakh.”
Reports also surfaced of fake emails sent under the names ‘Hamidraja’ and Angel Broking, falsely claiming a withdrawal of ₹2.25 crore from an Angel One account. The accused allegedly involved the complainant in a company named Infotech Solutions Private Limited and appointed him as a director.
A current account was opened at Yes Bank, where the complainants’ digital signatures were misused for large-scale transactions across multiple companies, despite no actual business activities taking place. Out of the total amount, ₹2,37,40,294 was falsely shown as invested in the complainant’s Angel One demat account, with a reported balance of ₹1,02,71,271 and a claimed loss of ₹1,34,69,023.
The remaining ₹7,98,75,222 and ₹5.55 lakh from the complainant and his wife’s mutual funds, totaling ₹8,04,30,222, were transferred to accounts controlled by the accused instead of being invested in the stock market.
An FIR has been registered under the Economic Offenses Wing. Police teams are currently investigating bank records, financial transactions, and documents related to the case.
Assistant Police Commissioner Manoj Chavda stated that the complainant, a retired engineer, was lured by the promise of high returns on stock market investments. He noted that the complainant had retired about six months ago and had invested nearly ₹5 crore between 2021 and 2025.
Chavda further explained that the complainant’s relatives had also invested approximately ₹4.5 crore, bringing the total amount to over ₹10 crore. When the complainant needed funds for his daughter’s education in the U.S., the accused provided fake bank receipts and false assurances of deposits, which were later found to be fraudulent during the investigation.
He added, “They continually made excuses for losses and pending payments, but no money was returned. Ultimately, when they refused to make payments, a complaint was filed with the Economic Offenses Wing, leading to their arrest.” Both accused have been remanded to police custody until June 21.
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