Promising 20% monthly returns, five J&K men dupe Surat trader of Rs 5.88 crore

Surat: The Economic Offences Wing (EOW) has registered a case against five men from Jammu and Kashmir for allegedly cheating a Dumas-based businessman of 6,18,746 USDT, worth around Rs 5.88 crore, by promising returns of 20% a month through stock market and options trading. The EOW has launched an investigation into the alleged investment fraud.

According to the complaint, the businessman, Chetan Mangalsingh Manhas, 28, who lives near Silent Zone on Dumas Road and is engaged in the furniture business, is originally from Jammu and Kashmir. He frequently visited his native place and was also active on social media, where he made reels.

In 2023, during a visit to Jammu and Kashmir, Manhas allegedly met Gaurav Ashwin Kumar Choudhary, Gaurav Kewal Sindh, Jasbir Singh Kishan Singh alias Jassi Sinth and Lokeshwar Singh alias Shivam Anup Sinth. The four allegedly introduced him to stock market trading and spoke about making large profits through investments.

Initially, Manhas did not agree to invest. However, in June 2024, he was allegedly invited to The Lalit Hotel in Delhi, where the accused introduced him to another man, Rahul Kewal Kishan Sharma. The group allegedly showed him screenshots purportedly depicting trading profits and assured him that he would earn a 20% monthly return.

In August 2024, the five men allegedly visited Manhas’s house in Surat and persuaded him to invest through USDT, a cryptocurrency-based payment method, claiming that transactions through the crypto mode would be easier as they were based in Jammu and Kashmir.

Trusting their assurances, Manhas allegedly transferred a total of 6,18,746 USDT to a crypto wallet on different dates. The transactions were worth more than Rs 5.88 crore.

The accused allegedly paid him around Rs 70 lakh in cash as returns during the initial six months to maintain his confidence. They also allegedly continued sending him screenshots showing purported profits from trading.

However, after February 2026, Manhas allegedly stopped receiving the promised returns. He also did not get back his principal amount despite repeated assurances, following which he realised that he had allegedly been cheated.

The matter was subsequently reported to the police. The Dumas police registered a case against Gaurav Chaudhary, Gaurav Singh, Jasbir Singh, Lokeshwar Singh and Rahul Sharma, all residents of Jammu and Kashmir’s Kathua district.

PI Sunil Chaudhary of the Economic Offences Wing is investigating the case.