Ahmedabad Police File Case in ₹2.05 Crore Crypto Investment Fraud
The Economic Offences Wing (EOW) of Ahmedabad Police has registered a case against four men from Nagpur. They are accused of cheating a local businessman out of over ₹2.05 crore. The fraud involved a fake cryptocurrency investment scheme linked to a company named Doxy, which claimed to invest using USDT stablecoins.
The complainant, Bunty Kanaiyalal Sangtani, owns a garment shop in Nana Chiloda, Ahmedabad. The accused—Jay Balram Kakwani, Namdev Rajkumar Mirani, Nikhil Tejram Tawale, and Sanjay Hariram Hemrajani—allegedly conspired to lure Sangtani with promises of high monthly returns.
Details of the Fraud
In August 2022, Sangtani learned about Doxy from his brother, Jay Kakwani. The company promised assured high returns through investments in USDT. Initially, the scam appeared legitimate, with the accused showing fake wallet entries on the Doxy website displaying growing profits.
Convinced by these figures, Sangtani invested more money. However, when he tried to withdraw funds, he found he had no access. The accused controlled all withdrawals. Sangtani received only ₹13.19 lakh back, while the rest remained unpaid. The group claimed “technical errors” on their server as a reason.
Sangtani also paid ₹55,850 via PhonePe to Nikhil Tawale as a brokerage fee. The remaining ₹2.05 crore and promised profits were never returned. Investigators suspect the group used similar fraud methods in other states.
A senior EOW official said, “The accused lured the complainant with extraordinary returns and luxury gifts under Doxy’s pretext. After receiving funds, they stopped communication and did not return the money.”
The case is registered under cheating, criminal breach of trust, and criminal conspiracy sections of the Bharatiya Nyaya Sanhita. Investigations on money trails and digital wallets continue.
Recent Crypto Fraud Cases in Gujarat
This case follows other recent crypto scams in Gujarat. On October 10, a man from Gandhidham lost ₹56.47 lakh in a Telegram-based scam run by Conforge Finance. The victim, Kishor Nargundkar, was introduced to the group by a woman named Deepa. She promised high returns on small investments. Kishor made 38 transactions between June and September before realizing the scam.
On October 8, Hardik Umraniya, a 35-year-old medical representative from Rajkot, lost ₹31.5 lakh. He was duped after accepting a friend request on Facebook. The scammer convinced him to invest in USDT, showing fake small profits before disappearing with the money.
Authorities Warn Against Increasing Crypto Scams
Police warn that crypto scams are becoming more sophisticated. Fraudsters use social media and messaging apps to attract victims with promises of quick profits. Investigations into these cases are ongoing. Authorities urge the public to be cautious and avoid online schemes that guarantee returns or promise to double investments.
