Srinagar, Aug 24 (NVI): The Economic Offences Wing (EOW) Kashmir of the Crime Branch Jammu and Kashmir has arrested a man wanted in connection with an alleged Rs 2 crore investment fraud case after a year-long search, officials said on Monday.
The accused, identified as Junaid-Ul-Islam, son of Nazir Ahmad Baba and a resident of Charar-e-Sharief in Budgam district, was arrested from Mangammanapalya in Bengaluru, they said.
The arrest was carried out in compliance with a warrant issued by the court of the 4th Additional Munsiff Judicial Magistrate, Srinagar, officials said.
Junaid-Ul-Islam was wanted in FIR No. 07/2025 registered under Section 420 RPC at Police Station EOW Kashmir and had allegedly been evading arrest for nearly a year.
According to the EOW, a preliminary inquiry prima facie established allegations of cheating and financial fraud against the accused.
He allegedly collected around Rs 2 crore from several individuals by portraying himself as an investor associated with an e-commerce company and promising monthly returns of 10 per cent, officials said.
After receiving the money through multiple bank accounts, he allegedly failed to fulfil his commitments and became unresponsive, they said.
The investigation prima facie indicates that the accused dishonestly obtained substantial amounts of money by promising unusually high returns, thereby attracting provisions related to cheating, officials said.
Further investigation into the case is underway.
The EOW has advised people to exercise caution while dealing with investment schemes promising unusually high or guaranteed returns and to verify the credentials of individuals and companies before investing their money.
It also urged people to report suspected financial fraud to the concerned authorities promptly.(NVI)
