Satellite police have registered a case against a couple accused of cheating a retired man and his brother-in-law of ₹40 lakh through fake investment schemes run under the names Silicon Wealth Management and Silicon Real Estate.
According to the FIR filed by 68-year-old Kamlesh Kantilal Shah, a resident of Jodhpur, the accused — Siddharth Bhupendrabhai Raval and his wife Payal Raval, residents of Shela — promised high monthly returns and quick repayment to lure investors.
Shah stated that the couple, known to his son through business contacts, claimed to trade in equities and real estate. Trusting their assurances, he initially invested ₹10 lakh in June 2022 through a signed memorandum of understanding. The couple paid returns for three months, boosting the family’s confidence.
Later, in September 2022, the Ravals claimed their business had expanded and offered 6% monthly returns, prompting Shah to invest another ₹10 lakh and his brother-in-law, Deepak Ramanlal Shah of Vastrapur, to invest ₹20 lakh. However, the couple soon stopped payments, switched off their phones, and vacated their office at Westgate on S.G. Highway. They allegedly sold their residence in Skycity Township, Shela, before absconding.
Police said the couple may have duped several others using similar tactics. “They collected money in personal accounts, promised unrealistic returns, and vanished,” said an officer from Satellite police station.
An offence has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS), and efforts are underway to trace the accused.