Nevada Attorney General Aaron Ford has filed a criminal complaint against Ajay Dayal, charging him with two Category B felonies: one count of securities fraud and one count of theft.

According to the charges, Dayal is accused of orchestrating a fraudulent scheme involving untrue statements and deceptive business practices. The complaint alleges that his conduct was designed to defraud investors or clients, constituting a violation of Nevada’s securities laws and criminal theft statutes.

Dayal faces one felony count of securities fraud and another count of theft, where he is accused of scheming to defraud, making an untrue statement, and engaging in an act, practice, or course of business which operated or would operate as a fraud upon a person. 

The allegations include Dayal ran multiple businesses and made one or more false representations to Nevada Assemblymember Reuben D’Silva. D’Silva invested $25,000 with Dayal. It is alleged that Dayal used the money to pay for his own personal and business expenses and failed to repay the full principal and interest due and owing to Assemblymember D’Silva.

In an interview with the investigators, D’Silva stated that Dayal represented his money as being used to provide hard money loans to borrowers for real estate investments. During the same time frame, Dayal or any of his companies were not licensed in the State of Nevada as an investment adviser representative, sales representative, or agent. The investigator found that Dayal represented that he would use D’Silva’s money to make hard money loans, but instead used the money for employee salaries, personal expenses, and cash withdrawals. Further, Dayal represented that D’Silva would receive his investment back in six months unless extended, but this did not occur, and no extension took place. 

The Attorney General’s office has requested an arrest warrant to be issued to arrest Ajay Dayal.