Among the multiple lawsuits involving AJ in federal and state courts, one case stands out for its potential legal significance: an action brought by the Nevada Attorney General alleging securities-related violations and the theft of money belonging to Indian-American Nevada State Assemblyman Reuben D’Silva.

In June of 2025, the NV State Attorney General filed a criminal complaint against Ajay Dayal “AJ”, accusing him on one count of securities fraud and another count of theft of more than $3,500. Dayal was accused of making a false representation, via his multiple companies, to NV State Assemblyman Reuben D’Silva that the money he invested ($25,000) would be utilized to make “hard money loans” for a return on investment and he would be repaid the money he invested plus interest. However, Dayal failed to disclose to D’Silva that the money, a total of $25,000, would be utilized to pay off his own personal and business expenses. Other than a payment of $2,500, Dayal failed to repay the full principal and interest due to Reuben D’Silva. 

A Justice Court judge has stayed the bind-over of Ajay Dayal in a case involving alleged violations of the Securities Uniform Act, leaving the matter pending while court-ordered conditions are addressed. 

Among the conditions imposed on Dayal is an order to remain out of trouble and a requirement to pay $32,000 in restitution at the Nevada Attorney General’s Office.

The restitution requirement appears to be tied directly to the eventual resolution of the case. The court records establish different outcomes depending on how much restitution and fees are paid. If all restitution and fees are paid, the charge will be amended to a misdemeanor, after which Dayal will plead to the misdemeanor. A second option applies if at least $15,000 is paid. Under that provision, Dayal will “waive up” to a gross misdemeanor with probation. Additionally, if Dayal pays less than $15,000, he will plead to the felony conviction.

Per the Justice Court decision, the case has not yet reached its final disposition. It’s a conditional path toward resolution, with the amount of restitution paid playing a central role in determining the eventual disposition.