Gujarat CA couple arrested in ₹10.36 crore share market fraud case
Synopsis
A Chartered Accountant couple from Gandhinagar allegedly spent years defrauding a retired engineer — their own relative — and his family of over ₹10.36 crore through fake share market schemes, forged ICICI and HDFC Bank documents, and misused digital signatures. The fraud only unravelled when the victim sought funds for his daughter's US education and discovered the bank receipts were fabricated.
Key Takeaways
Javelin alias Jay Nayak (32) and wife Boski Nayak (34) , both Chartered Accountants from Gandhinagar , were arrested by the Ahmedabad EOW on 17 June .
The couple allegedly defrauded the complainant and his relatives of a total of ₹10,36,15,516 between 2022 and 2025 .
Forged documents included a fabricated ICICI Bank certificate showing a false balance of ₹90.21 crore and a counterfeit HDFC Bank transaction slip for ₹50 lakh .
The accused allegedly misused the complainant's PAN card, Aadhaar, digital signature , and property records to open fake bank accounts and create shell entities.
Both accused are remanded to police custody until 21 June ; an FIR has been filed under multiple sections of the Bharatiya Nyaya Sanhita .
The Economic Offences Wing (EOW) of the Ahmedabad Crime Branch in Gujarat has arrested a Chartered Accountant couple for allegedly defrauding a retired engineer and his relatives of ₹10.36 crore through a fabricated share market investment scheme, misuse of digital signatures, and forged financial documents, officials said on Wednesday, 17 June.
Who Was Arrested
The accused have been identified as Javelin alias Jay Nayak (32) and his wife Boski Nayak (34), both Chartered Accountants and residents of the Sargasan area in Gandhinagar. According to police, the couple are close relatives of the complainant, Kaushalkumar Nayak, a recently retired engineer, and allegedly exploited that familial trust to orchestrate the fraud over several years.
How the Fraud Was Carried Out
Between 2022 and 2025, the accused allegedly gained access to the complainant's bank account credentials and facilitated transfers totalling ₹5,91,91,448 from his accounts. An additional ₹4,44,24,068 belonging to his relatives — routed through the complainant on the promise of higher returns — was also allegedly diverted, bringing the total amount siphoned into accounts controlled by the accused to ₹10,36,15,516.
The complainant was induced to invest through assurances of unusually high returns — reportedly as much as 3% monthly or even 50% — on long-term share market schemes, according to Assistant Commissioner of Police (ACP) Manoj Chavda.
Forged Documents and Fake Entities
Investigators allege the accused misused the complainant's digital signature and personal identity documents — including his PAN card, Aadhaar card, ration card, e-signature, electricity and tax bills, and property records — to create fake entities and open bank accounts. Among the forged instruments were a fabricated ICICI Bank certificate falsely showing a balance of ₹90,21,73,737 using counterfeit stamps and letterheads, and a forged HDFC Bank transaction slip dated 11 February 2026 claiming a credit of ₹50 lakh.
Fake emails were reportedly sent under the names 'Hamidraja' and Angel Broking, including a false claim of a withdrawal request of ₹2.25 crore from an Angel One account. The accused also allegedly involved the complainant in a company named RSVP Infotech Solutions Private Limited, appointing him as a director. A board resolution dated 16 June 2025 was reportedly prepared in his absence, carrying forged signatures and approving the resignation of two directors.
What Triggered the Complaint
ACP Chavda said the fraud came to light when the complainant sought funds for his daughter's education in the United States. The accused reportedly provided forged bank receipts and false assurances of credited amounts, which were later found to be fabricated 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,' ACP Chavda said.
Out of the total funds, ₹2,37,40,294 was shown as invested in the complainant's Angel One demat account, leaving a balance of ₹1,02,71,271 and an alleged loss of ₹1,34,69,023. The remaining ₹7,98,75,222, along with ₹5.55 lakh from mutual funds belonging to the complainant and his wife, totalling ₹8,04,30,222, was allegedly diverted into accounts controlled by the accused.
Legal Action and Next Steps
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. Both accused have been remanded to police custody until 21 June. Multiple investigative teams are examining bank records, financial transactions, and documentary evidence linked to the alleged fraud. This case underscores a growing pattern of investment fraud in India where professional credentials are weaponised to establish false credibility with victims.
Point of View
Aadhaar, e-signatures — with precision. The victim was a retired engineer, a relative, and someone who had every reason to trust them. India's investment fraud ecosystem is increasingly targeting the newly retired, a cohort with large liquid savings and limited financial market literacy. The EOW's ability to trace ₹10 crore across multiple accounts and shell entities will be the real test here — convictions in such cases remain rare despite arrests.
NationPress
5 Aug 2026
Frequently Asked Questions
Who are the accused in the Ahmedabad investment fraud case?
The accused are Javelin alias Jay Nayak (32) and his wife Boski Nayak (34) , both Chartered Accountants residing in the Sargasan area of Gandhinagar, Gujarat. They are close relatives of the complainant, Kaushalkumar Nayak , a retired engineer, and allegedly exploited that trust to carry out the fraud.
How much money was allegedly defrauded in the Gujarat CA couple case?
The total amount allegedly defrauded stands at ₹10,36,15,516 . Of this, ₹5,91,91,448 was transferred from the complainant's own accounts, while ₹4,44,24,068 belonged to his relatives who invested through him on the promise of high returns.
What forged documents were used in the share market fraud?
The accused allegedly produced a fabricated ICICI Bank certificate falsely showing a balance of ₹90,21,73,737 using counterfeit stamps and letterheads, and a forged HDFC Bank transaction slip dated 11 February 2026 claiming a credit of ₹50 lakh . Fake emails were also sent under the names of 'Hamidraja' and Angel Broking.
What legal action has been taken against the accused?
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 . Both accused have been remanded to police custody until 21 June , and multiple teams are examining bank records and financial transactions.
How did the fraud come to light?
The fraud was uncovered when the complainant sought funds for his daughter's education in the United States and the accused provided forged bank receipts that were later found to be false. When the accused refused to return the money, the complainant filed a complaint with the Economic Offences Wing , leading to their arrest.
