The Juhu police registered an FIR against Jai Mehta for allegedly defrauding a retired man and his wife of Rs.75 lakhs. The accused was a Wealth Manager at ICICI Bank and handled 60-year-old Yogesh Kaushal’s accounts. Mehta gained Kaushal and his wife's trust, convinced them to invest in the share market, and cheated them. The police registered the case under sections 406 (breach of trust) and 420 (cheating and dishonesty) of the Indian Penal Code on March 17.

According to the FIR, the complainant, Kaushal, resides in Juhu. He worked with a private company as president and retired in October 2024. During his working years, his salary was credited to ICICI Bank. In 2017, the bank's ’s Vasai branch appointed Jai Mehta as Kaushal’s Wealth Manager. As a result, Mehta knew everything about Kaushal's accounts and frequently contacted him. Mehta knew Kaushal and his wife for almost ten years and often visited their residence, gradually gaining their trust.
In 2023, Mehta advised Kaushal to invest his money in the share market, promising a 12% profit if he invested through him. In August 2023, Kaushal and his wife transferred Rs.30 lakhs to Mehta's HDFC Bank account. The couple received Rs.1.40 lakhs as profit, which further strengthened their trust. Subsequently, in September, they transferred Rs.45 lakhs to Mehta’s account, intending to invest in the share market.

However, in October, the couple did not receive any profit. When they questioned Mehta, he gave various excuses. The couple then demanded their money back, along with interest. Mehta assured them he would return the amount and continued to contact them frequently, creating the impression that he intended to repay them. Finally, Kaushal filed a complaint against MEhta with police.