2 weeks ago
Mumbai court rejects CA's discharge plea in Ponzi scam
Deepak Jain is a chartered accountant, a person who helps others with money and taxes.
His son, Ankit Jain, started a company called A J Enterprises.
The company promised people a 15 per cent profit if they gave their money to it.
More than 900 people gave their money to the company.
But the company did not give back the money it promised.
This kind of trick is called a Ponzi scam.
The police believe Deepak helped his son with the scam.
They found money transfers and messages that show he may have been involved.
Deepak said he did nothing wrong and asked to leave the case.
The judge said there is enough evidence, so he must stay in the case.
Mumbai's special MPID court refused to discharge 65-year-old chartered accountant Deepak Jain in a multi-crore Ponzi scam allegedly run by his son Ankit Jain.
Ankit Jain's firm A J Enterprises allegedly lured more than 900 investors with promises of 15 per cent profit, collecting crores of rupees before failing to deliver returns.
The court cited financial transfers of Rs 1,52,81,001 from the firm to Jain's CA account between August 2024 and June 2025, with Rs 1,76,02,300 transferred back.
WhatsApp transcripts from a group named 'DJAJHR' allegedly showed Deepak Jain advising his son on managing the collected deposits.
The court found sufficient material to frame charges under the BNS for cheating, criminal breach of trust and abetment, along with MPID Act provisions.
- Who
- Deepak Jain, a 65-year-old chartered accountant, and his son Ankit Jain, who ran A J Enterprises
- What
- A special MPID court refused to discharge Deepak Jain from charges in a multi-crore Ponzi scam
- Where
- Mumbai, India
- When
- Monday, August 17
- Why
- Evidence including financial transactions and WhatsApp transcripts showed his alleged role in misappropriating depositors' funds
Prosecution
Defence
Role in the scam
Prosecution
Deepak Jain leveraged his CA credentials to guide his son and actively managed and misappropriated depositor funds.
Defence
Jain had no role in managing his son's proprietary firm and no money was directly entrusted to him by investors.
Strength of evidence
Prosecution
Financial transactions, WhatsApp transcripts and witness statements showing Jain present in the office and assuring depositors raise grave suspicion.
Defence
Mere suspicion from witnesses is insufficient to frame charges against the accused.
Key facts
- Accused
- Deepak Jain, 65-year-old chartered accountant
- Alleged mastermind
- Ankit Jain
- Firm involved
- A J Enterprises
- Investors affected
- More than 900
- Promised return
- 15 per cent profit on investments
- Amount transferred to CA firm
- Rs 1,52,81,001 (August 2024 - June 2025)
- Amount transferred back
- Rs 1,76,02,300
- Charges
- Cheating, criminal breach of trust by an agent, abetment under BNS and MPID Act
Quotes
Court
Judge of the special MPID court
“The applicant had received huge money of Rs 1.52 crore of the deposits collected from the depositors and Rs 1.72 crore was transferred from the account of the applicant to the account of the FE.”
freepressjournal.in
“The amount of depositors was time being diverted into the account of applicant’s Chartered Accountant firm, instead of investing the said amount in the business of the FE.”
freepressjournal.in
Sources
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