Srinagar, Aug 24: The Economic Offences Wing (EOW) Kashmir of the Crime Branch J&K has arrested a man accused of allegedly cheating several people of around Rs 2 crore through a fraudulent investment scheme, officials said today.
The accused, identified as Junaid Ul Islam, son of Nazir Ahmad Baba, a resident of Alamdar Colony, Phase 1, Charar-e-Sharief, Budgam, was arrested from Mangammanapalya in Bengaluru, they said.
The arrest was carried out in compliance with the orders of the Court of the 4th Additional Munsiff Judicial Magistrate, Srinagar, which had issued a warrant against him.
Junaid was wanted in FIR No. 07/2025, registered under Section 420 of the RPC at Police Station EOW Kashmir, and had allegedly been evading arrest for nearly a year.
According to the EOW, the case was registered following a preliminary inquiry that prima facie substantiated allegations of cheating and financial fraud against the accused.
The investigation found that the accused allegedly collected approximately Rs 2 crore from several individuals, posing as an investor associated with an e-commerce company and promising monthly returns of 10 per cent.
The money was allegedly collected through multiple bank accounts. However, after receiving the funds, the accused allegedly failed to honour his commitments and subsequently became unresponsive to the investors.
The EOW said the investigation prima facie established that the accused had dishonestly obtained substantial amounts by promising unusually high returns, thereby disclosing the commission of an offence punishable under Section 420 RPC/IPC.
Further investigation in the case is underway.
The EOW has also urged the public to remain vigilant against fraudulent investment schemes offering unusually high or guaranteed returns.
