Srinagar, Oct 25 (JKNS): The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has filed a chargesheet against a Budgam resident in an alleged ₹2 crore investment fraud case, in which complainants were allegedly lured with promises of 10 per cent monthly returns.
Spokesperson in a statement issued here to news agency JKNS stated that, the Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has filed a chargesheet in FIR No. 07/2025 under Section 420 IPC before the Hon’ble Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, son of Nazir Ahmad Baba, resident of Alamdar Colony, Charar-i-Sharief, Budgam, in an investment fraud case.
The case pertains to a written complaint received by this investigation agency wherein the complainants alleged that Junaid-Ul-Islam S/o Nazir Ahmad Baba R/o Alamdar Colony Phase 1st Charar-i-Sharief, Budgam approached them and claimed to be working with an e-commerce Company (Amazon) at Bangalore as an investor. The accused individual asked the complainants for money with a promise of providing monthly profit of 10%. It was further alleged that they have paid him approx. Rs. 2.00 Crore, however after receiving the money he left for Bangalore and went incommunicado.
During 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. Agreements executed and cheques issued towards repayment remained unpaid or were dishonoured due to insufficient funds. 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 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 Hon’ble City Judge, Srinagar.
SSP EOW Kashmir advises the public to verify investment schemes, avoid unrealistic return promises and report suspected financial frauds promptly. (JKNS)
