Srinagar, Oct 25 (KNO): The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has filed a chargesheet against a Budgam man accused of allegedly duping investors of around Rs 2 crore by promising 10 percent monthly returns, officials said.
In a statement issued to the news agency—Kashmir News Observer (KNO), a spokesperson said the EOW Kashmir has filed a chargesheet 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, a resident of Alamdar Colony, Charar-i-Sharief, Budgam, in an investment fraud case.
He said the case pertains to a written complaint in which the complainants alleged that Junaid Ul Islam approached them, claiming to be working with e-commerce company Amazon in Bengaluru as an investor.
The accused allegedly sought money from the complainants, promising a monthly profit of 10 percent. The complainants claimed to have paid him around Rs 2 crore, after which he left for Bengaluru and went incommunicado.
During the investigation, substantial funds running into 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, the spokesperson said.
Agreements executed and cheques issued towards repayment remained unpaid or were dishonoured due to insufficient funds. The evidence collected established that the accused had allegedly induced the victims through deceptive assurances of high returns, causing wrongful loss to the complainants.
The spokesperson said the investigation was concluded as proved, and the chargesheet was submitted before the court for judicial determination.
He said 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 City Judge, Srinagar. The SSP EOW Kashmir advised the public to verify investment schemes, avoid unrealistic return promises and promptly report suspected financial frauds.—(KNO)