Srinagar, October 25: The Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir, has filed a chargesheet in an alleged ₹2 crore investment fraud case in which several complainants were reportedly promised monthly returns of 10 per cent.
The chargesheet has been submitted before the Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, a resident of Alamdar Colony, Charar-i-Sharief, Budgam. The case was registered under FIR No. 07/2025 under Section 420 of the Indian Penal Code.
According to the investigating agency, the case originated from a written complaint alleging that the accused approached people while claiming to be associated with Amazon, an e-commerce company in Bengaluru, and presented himself as an investor.
The complainants alleged that they were persuaded to invest money on the assurance of earning 10 per cent monthly profits. They reportedly handed over approximately ₹2 crore to the accused, who allegedly left for Bengaluru and subsequently became unreachable.
During the investigation, the EOW traced substantial amounts through bank accounts maintained or operated by the accused. The agency said he failed to establish any genuine investment activity or provide a satisfactory explanation for the funds allegedly collected.
Investigators also examined agreements signed between the parties and cheques issued towards repayment. According to the EOW, the cheques remained unpaid or were dishonoured due to insufficient funds.
The agency concluded that the evidence collected supported the allegations that the complainants had been induced to part with their money through promises of unusually high returns, resulting in financial losses.
The accused was arrested in Bengaluru on August 23, 2026, and is currently lodged in Central Jail, Srinagar. His bail application was reportedly rejected by the City Judge, Srinagar.
The allegations will now be examined by the court.
Meanwhile, SSP EOW Kashmir has urged the public to exercise caution when investing in schemes promising unusually high or guaranteed returns. The agency advised people to verify the credentials of individuals and organisations offering investment opportunities and report suspected financial frauds to the authorities.
