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Srinagar : The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has filed a chargesheet in a Rs 2 crore investment fraud case against a Budgam resident who allegedly duped people on the pretext of high returns from an e-commerce investment.
In a hand to the CBK said that the chargesheet has been filed in FIR No. 07/2025 under Section 420 IPC before the Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, son of Nazir Ahmad Baba, resident of Alamdar Colony, Charar-i-Sharief, Budgam.
According to EOW, the case pertains to a written complaint wherein complainants alleged that Junaid-ul-Islam approached them claiming to be working with an e-commerce company (Amazon) at Bangalore as an investor and asked for money with a promise of providing 10 percent monthly profit.
It was alleged that the complainants paid him approximately 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,” EOW said in a statement.
“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,” it added.
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 Court of City Judge, Srinagar.
SSP EOW Kashmir has advised the public to verify investment schemes, avoid unrealistic return promises and report suspected financial frauds promptly.(GNS)
