Jammu and Kashmir Police on Monday said they had uncovered a transnational fake online investment scam worth over Rs 209 crore. An MBBS doctor from Hisar and eight others were arrested from various parts of Kashmir in this regard.
Police said the scam came to light after a complaint was filed by Firdous Ahmad Mir, son of Mohammad Yousuf Mir of Safapora, Ganderbal. Following the complaint, an FIR was registered at Ganderbal Police Station under relevant sections of the Bharatiya Nyaya Sanhita and Section 66-C of the IT Act.
SSP Ganderbal Khalil Ahmad Poswal formed a Special Investigation Team (SIT) to probe the case. The investigation revealed that the accused were running fake online investment and trading platforms promoted through social media and Google advertisements, including websites like paisavault.com. People were promised high returns and persuaded to invest in fraudulent coin-trading schemes.
After victims deposited money, the funds were routed to local bank accounts belonging to residents of Budgam, Srinagar, Ganderbal, Baramulla and other areas. The money was then quickly transferred through various layers to accounts outside Jammu and Kashmir and even outside the country to avoid detection.
Police have identified the alleged mastermind as Ekant Yogdutt alias Dr Morphine, a resident of Hisar, Haryana. According to investigators, Yogdutt learned cyber fraud methods while studying MBBS in the Philippines and maintained connections with Chinese nationals.
The probe found that Yogdutt worked with local operatives, including Mohd Ibrahim Shah alias Yawer of Ganderbal; Nasir Ahmad Ganie of Ganderbal; Maqsood Ahmad alias Dr Albert and Tanveer Ahmad alias Dr Martin of Budgam; Tawseef Ahmad Mir, a government teacher from Baramulla; Khurshid Ahmad of Nunner; and Ishfaq Ahmad of Safapora. Police said they acted as regional heads and helped mobilise bank accounts.
Officials said the accused targeted below-poverty-line (BPL) account-holders and offered them Rs 8,000 to Rs 10,000 per month to hand over their bank accounts and ATM cards. The investigation has also pointed to the possible involvement of some bank employees who allegedly provided QR codes of accounts, which were then uploaded on fake investment websites.
The fraudsters reportedly operated Telegram channels and groups where fresh QR codes were shared regularly. Police said whenever cyber units froze accounts after complaints, the gang would quickly replace them with new QR codes and continue the operation.
So far, 835 bank accounts and verified transactions have been identified in 290 of them. The probe has revealed receipts of Rs 209 crore from investors across the country. Authorities have stated that the total amount could exceed Rs 400 crore after full verification.
The main accused, Ekant Yogdutt, was held by Ganderbal Police at Indira Gandhi International Airport while coming back from China. The other eight accused were arrested from different locations across the Valley. Further probe is ongoing to trace the complete money trail and initiate attachment of properties linked to the accused.
Police have appealed to the citizens not to fall for fake investment platforms promising high returns and warned against renting out bank accounts for money. Victims have been advised to report complaints at cybercrime.gov.in or call the toll-free helpline number 1930.
Also Read: Bureaucratic reshuffle: 6 J&K IAS officers get key posts in Delhi
Follow us
