The Economic Offences Wing (EOW) of Ahmedabad Police has lodged an FIR against four Nagpur-based individuals for allegedly cheating a city businessman of over ₹2 crore through a fake cryptocurrency investment scheme.
According to the complaint filed by Bunty Kanaiyalal Sangtani, a resident of Nana Chiloda, the accused — Jay Balram Kakwani, Namdev Rajkumar Mirani, Nikhil Tejram Tawale, and Sanjay Hariram Hemrajani — lured him into investing in a bogus crypto company named Doxy by promising high monthly returns.
Sangtani, who runs a readymade garment business, was introduced to the scheme in August 2022 by his brother Jay Kakwani. The accused allegedly showed him promotional material claiming investors could earn assured profits, luxury cars, and foreign trips.Initially, Sangtani invested ₹5 lakh, but under pressure and false assurances, he later transferred ₹2.18 crore through Angadia couriers to accounts in Nagpur and Surat between August and September 2022.
The accused allegedly created fake online “wallet entries” showing profits on the Doxy website but denied Sangtani access to withdraw his funds. Despite repeated promises, they only returned ₹13.19 lakh, citing “technical issues” in the company’s server.Sangtani also paid ₹55,850 via PhonePe to one of the accused as a “brokerage fee.” When no further payments came, he realised the scheme was fraudulent.
Following verification, the EOW registered a case under sections of the Bharatiya Nyaya Sanhita related to cheating, criminal breach of trust, and conspiracy. Police said the group may have duped other investors across different states using similar crypto scams.“The accused promised extraordinary returns and luxury gifts but disappeared after collecting the money,” a senior officer said.Sangtani has submitted transaction records and WhatsApp chats as evidence.
The police are analysing digital wallets and money trails to identify more victims and possible accomplices.