Srinagar, Oct 25 (KNS) The Economic Offences Wing (EOW) Kashmir of Crime Branch Jammu and Kashmir has filed a chargesheet against a man for allegedly duping investors of approximately Rs 2 crore by promising them 10 per cent monthly returns on investments, officials said on Sunday.
The chargesheet was filed in FIR No. 07/2025 under Section 420 of the Indian Penal Code (IPC) before the Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, son of Nazir Ahmad Baba, a resident of Alamdar Colony, Charar-i-Sharief in Budgam district, they said.
According to the EOW, the case stemmed from a written complaint in which the complainants alleged that the accused approached them claiming to be working with an e-commerce company (Amazon) in Bengaluru as an investor.
"The accused individual asked the complainants for money with a promise of providing monthly profit of 10 per cent. It was further alleged that they have paid him approximately Rs 2 crore, however, after receiving the money he left for Bengaluru and went incommunicado," an official statement said.
During the investigation, substantial funds in crores were traced to accounts maintained or operated by the accused, who failed to establish any genuine investment activity or satisfactorily account for the money received, officials said.
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Agreements executed and cheques issued towards repayment remained unpaid or were dishonoured due to insufficient funds, they said, adding that the evidence collected established that the accused induced victims through deceptive assurances of high returns, causing wrongful loss to the complainants.
"The investigation was concluded as proved, and the chargesheet has been submitted before the Hon'ble Court for judicial determination," the statement said.
The accused was arrested in Bengaluru by a special EOW Kashmir team on August 23, 2026, and is presently lodged in Central Jail, Srinagar. His bail application has been rejected by the Court of City Judge, Srinagar.
SSP EOW Kashmir has advised the public to verify investment schemes, avoid unrealistic return promises and report suspected financial frauds promptly. (KNS).
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