Examiner Bureau | Srinagar:
The Economic Offences Wing (EOW) Kashmir of the Crime Branch J&K has filed a chargesheet against a Budgam resident accused of defrauding investors of approximately Rs 2 crore by promising monthly returns of 10 per cent.
The chargesheet in FIR No. 07/2025, registered under Section 420 of the Indian Penal Code (IPC), has been filed before the Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, son of Nazir Ahmad Baba, a resident of Alamdar Colony, Charar-i-Sharief, Budgam.
According to the investigation, the case stemmed from a written complaint alleging that the accused approached the complainants while claiming to be an investor associated with Amazon, an e-commerce company, in Bengaluru. He allegedly induced them to invest money by promising monthly profits of 10 per cent.
The complainants alleged that they collectively handed over approximately Rs 2 crore to the accused. However, he subsequently left for Bengaluru and allegedly stopped communicating with them.
During the investigation, the EOW traced funds worth crores of rupees to bank accounts maintained or operated by the accused. However, he allegedly failed to establish any genuine investment activity or provide a satisfactory explanation for the money received from the complainants.
Investigators also found that agreements executed and cheques issued towards repayment remained unsettled. The cheques were reportedly dishonoured due to insufficient funds.
The EOW concluded that the available evidence indicated that the complainants had been induced to part with their money on the promise of high returns, causing them financial losses. The chargesheet has been submitted to the court for judicial determination.
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.
The Senior Superintendent of Police, EOW Kashmir, has urged the public to thoroughly verify investment schemes, exercise caution when offered unrealistic returns and promptly report suspected financial frauds to the authorities.
