Srinagar, Oct 8 (JKNS): In a significant development in a high-profile cyber fraud case, the Court of City Judge/Judicial Magistrate First Class (JMFC) Srinagar today granted transit remand to three individuals accused of orchestrating a multi-crore investment scam through a fake stock trading app and WhatsApp groups.
As per news agency JKNS, The accused, including the office bearers of Kashmir Lawyers Federation (KLF), were arrested in Srinagar on October 7 and produced before the court amid allegations of defrauding a Gurgaon resident of over ₹1.9 crore.
The case stems from a First Information Report (FIR) No. 325 registered on September 6, 2025, at Cyber West Police Station, Palam Vihar, Gurgaon, under Sections 318(8), 319, and 61(2) of the Bharatiya Nyaya Sanhita 2023 (BNS). The complainant, Ravi Dutt Sharma, a resident of Gurgaon, alleged that he was lured into a fraudulent stock investment scheme promising assured high returns in “wealth growth.” Sharma claimed he was added to a WhatsApp group in July 2025, where admins directed him to invest via a bogus app called “Stocks Nuama Pro” (accessible at stocksnuama-pro.com).
According to the complaint detailed in the court order, Sharma began investing on July 11, 2025, starting with ₹12,46,000, and escalated deposits up to a staggering ₹1,90,62,560 by September 4, 2025. Transactions were routed through legitimate banking channels, including transfers totaling ₹5,28,078 to an Axis Bank account and ₹5,39,66,639 to a Central Bank of India account for “payments.” However, attempts to withdraw funds were thwarted by repeated demands for “service charges” – initially 10% post-payment, escalating to 15% taxes on fictional profits. When Sharma sought refunds, the scammers cited additional fees, blocking access entirely.
“This scam operated like a classic pump-and-dump scheme disguised as legitimate stock trading,” a police source familiar with the investigation told reporters outside the court. “The accused used WhatsApp numbers (+91-81158-2805, +91-81679-8846, +91-97435-5393) for coordination, with admins posing as financial advisors. The fake app was operational until the deposits dried up.”
The investigation traced the money trail to Srinagar-based operators, leading to the arrest of three accused on October 7, 2025:
Shahnawaz Akhtar, resident of House No. 30, Irfan Colony, Natipora, Srinagar. Akhtar, identified as the Coordinator of the Kashmir Lawyers Federation (KLF), has been accused of masterminding the operation. Rameez Ahmad Khan, resident of VPO Arath, PS Solibugh, District Budgam. Khan, is alleged to have handled the siphoning of public funds, with probes revealing his involvement in defrauding multiple victims. Suhale Ashraf resident of Village Khummoh, Lasjan, PS Panthachowk, District Srinagar, Vice President of the Kashmir Lawyers Federzation, is implicated as Accused No. 3 for his role in processing fraudulent transactions worth over ₹1.22 crore from the complainant alone.
Court documents reveal that further inquiries uncovered a broader network, with the accused allegedly defrauding “prima facie” amounts exceeding ₹122 lakh from Sharma and potentially others. Shahnawaz Akhtar and Rameez Ahmad Khan have been found involved in siphoning public money by defrauding people,” the order states, noting post-arrest analysis through the Case Diary.
Presiding Judge Abdul Bari meticulously reviewed the remand application filed by Gurgaon Police on October 8, emphasizing compliance with Supreme Court guidelines from Arnesh Kumar vs. State of Bihar (2014). The court rejected defence arguments that Section 35(3) of BNS – mandating reasonable grounds for arrest in cases with penalties under three years – had been violated, finding sufficient evidence of criminal conspiracy and impersonation.
Citing the need for further probe in Gurgaon, court granted a 24-hour transit remand, extendable to 72 hours to account for travel from Srinagar to Gurgaon (estimated over 30 hours one-way). “The prosecution and investigating agencies are directed to ensure the safety and medical guidelines of the accused persons while transmitting,” the order directed, underscoring that the 48-hour transit period would not count toward formal custody limits.
Legal experts expressed shock, with one Srinagar-based advocate noting anonymously, “The involvement of lawyers in such scams raises serious ethical questions.”
Gurgaon Police’s Investigating Officer, ASI Rakesh, has been instructed to produce the accused before the nearest magistrate in Haryana upon arrival. A copy of the order was forwarded to Cyber West PS for compliance, with the application to be consigned to records post-completion.
This case highlights the rising menace of cyber frauds targeting unsuspecting investors via social media, with Haryana Police reporting over 500 similar complaints in 2025 alone. Sharma’s ordeal serves as a cautionary tale. Authorities urge the public to verify investment platforms through SEBI-registered entities and report suspicious WhatsApp groups immediately. (JKNS)