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The Economic Offences Wing (EOW) of the Ahmedabad Police has registered an FIR against four Nagpur-based individuals for allegedly duping a city-based businessman of over ₹2.05 crore in the name of investment in a cryptocurrency-linked company named Doxy.
According to the complaint lodged by Bunty Kanaiyalal Sangtani, a resident of Nana Chiloda in Ahmedabad, the accused, identified as Jay Balram Kakwani, Namdev Rajkumar Mirani, Nikhil Tejram Tawale and Sanjay Hariram Hemrajani, all residents of Nagpur, hatched a pre-planned conspiracy to lure him into investing in a fraudulent crypto scheme.
As per the FIR, Sangtani, who runs a readymade garment shop in Ahmedabad, was first contacted by his brother Jay Kakwani in August 2022.
Kakwani allegedly introduced him to the Doxy company, claiming it offered high and assured monthly returns through investments converted into USDT (a cryptocurrency stablecoin).
Kakwani and his associates, Mirani, Tawale and Hemrajani, reportedly convinced Sangtani to invest by showing him promotional material promising lucrative profits, luxury car gifts, and foreign tour packages for top-performing investors.
Sangtani initially invested ₹5 lakh through the accused and later, under their persuasion, transferred a total of ₹2.18 crore via Angadia couriers in multiple instalments between August and September 2022. The money was sent to Nagpur and Surat in the names of the accused.
The accused allegedly showed the complainant online “wallet entries” reflecting his investment and profit amounts on the Doxy company’s website. However, Sangtani was unable to withdraw the funds, as access was controlled by the accused.
He later realised that the entries were fake when repeated assurances from the accused failed to materialise into actual payments. The group allegedly returned only ₹13.19 lakh, citing “technical errors in the company’s server” and promising future returns.
Additionally, the complainant transferred ₹55,850 via PhonePe to Nikhil Tavale’s number as a “brokerage fee” for facilitating the transactions. Despite repeated demands, the accused neither refunded the remaining ₹2.05 crore nor paid the promised profits.
The complainant alleged that the group had created fake “trust wallet entries” to deceive investors and later diverted the funds for personal gain.
Following a preliminary inquiry, the Ahmedabad EOW registered an FIR against the four under sections related to criminal breach of trust, cheating, and criminal conspiracy of the Bharatiya Nyaya Sanhita.
Police said further financial trail analysis and verification of digital wallets and transaction records are underway.
Officials said the modus operandi suggests the accused may have cheated other investors across states using similar tactics under the guise of cryptocurrency investments.
The complainant has submitted documents and WhatsApp chats to the police as evidence. Further investigation is ongoing to trace the money trail and identify possible accomplices.