Srinagar, Oct 25 (NVI): The Economic Offences Wing (EOW) Kashmir of the Crime Branch Jammu and Kashmir has filed a chargesheet against a Budgam resident in an alleged Rs 2-crore investment fraud case in which investors were promised monthly returns of 10 per cent, officials said.
The chargesheet in FIR No. 07/2025 under Section 420 of the Indian Penal Code (IPC) has been filed before the court of Forest Magistrate, Srinagar, against Junaid Ul Islam, a resident of Alamdar Colony in Charar-i-Sharief area of Budgam district, they said.
According to the investigation agency, the case originated from a written complaint alleging that the accused approached several people, claiming to be working as an investor with e-commerce company Amazon in Bengaluru.
He allegedly collected around Rs 2 crore from the complainants after promising them monthly returns of 10 per cent, but later left for Bengaluru and became unreachable, the complaint alleged.
During the investigation, funds worth crores of rupees were traced to bank accounts maintained or operated by the accused. However, he allegedly failed to establish any genuine investment activity or provide a satisfactory account of the money received, the agency said.
The investigation also found that agreements executed and cheques issued towards repayment remained unpaid or were dishonoured due to insufficient funds, it said.
The agency said the evidence collected during the investigation established that the complainants had allegedly been induced to invest money through deceptive assurances of high returns, resulting in financial losses.
The investigation has been completed, and the chargesheet has been submitted before the court for judicial determination, it added.
The accused was arrested in Bengaluru by a special EOW Kashmir team on August 23, 2026, and is currently lodged in Central Jail, Srinagar. His bail application has been rejected by the City Judge, Srinagar, officials said.
The EOW Kashmir has advised the public to verify investment schemes carefully, remain cautious of promises of unusually high returns and report suspected financial frauds to the authorities.—(KNO)
