Early Times Report
Srinagar, Oct 25: The Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir, has filed a chargesheet in an alleged ₹2 crore investment fraud case in which several complainants were reportedly promised monthly returns of 10 per cent.
The chargesheet has been submitted before the Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, son of Nazir Ahmad Baba, a resident of Alamdar Colony, Charar-i-Sharief, Budgam. The case has been registered under FIR No. 07/2025 under Section 420 of the Indian Penal Code (IPC).
According to the agency’s statement, the investigation originated from a written complaint alleging that the accused approached the complainants while claiming to be associated with an e-commerce company, Amazon, in Bengaluru, and presented himself as an investor.
The complainants alleged that they were persuaded to invest money on the assurance of receiving a monthly profit of 10 per cent. They reportedly handed over approximately ₹2 crore to the accused. However, after allegedly receiving the money, he left for Bengaluru and became unreachable, according to the complaint.
During the investigation, the EOW reportedly traced substantial sums of money through bank accounts maintained or operated by the accused. Investigators stated that he could not establish any genuine investment activity or provide a satisfactory account of the funds allegedly collected from the complainants.
The investigation also examined agreements executed between the parties and cheques issued towards repayment. According to the agency, the repayment instruments remained unpaid or were dishonoured due to insufficient funds.
The investigating agency concluded that the evidence collected supported the allegations that the complainants had been induced to part with their money through assurances of unusually high returns, resulting in financial losses.
Following the completion of the investigation, the chargesheet was presented before the competent court for judicial consideration. The allegations against the accused remain subject to adjudication by the court.
The EOW Kashmir team arrested the accused in Bengaluru on August 23, 2026. He is presently lodged in Central Jail, Srinagar, according to the agency.
The statement further said that the accused’s bail application had been rejected by the City Judge, Srinagar.
Meanwhile, the Senior Superintendent of Police (SSP), EOW Kashmir, has advised members of the public to exercise caution before investing money in schemes offering unusually high or guaranteed returns.
The agency urged people to verify the credentials of individuals and organisations promoting investment opportunities, carefully examine the terms of investment agreements, and promptly report suspected financial frauds to the appropriate authorities.
The case highlights the importance of conducting proper verification before entrusting money to private individuals or investment operators, particularly when the promised returns appear substantially higher than conventional investment options. |
