The Economic Offences Wing (EOW) of the Jammu and Kashmir Police’s Crime Branch has arrested an accused from Bengaluru in connection with a financial fraud case involving approximately Rs 2 crore.
The accused, identified as Junaid-ul-Islam, a resident of Charar-e-Sharif in Budgam district, was allegedly involved in collecting money from several people in Kashmir on the promise of lucrative returns on investments.
According to officials, Junaid-ul-Islam was wanted in connection with FIR No. 07/2025 registered at Police Station EOW Kashmir under Section 420 RPC for alleged cheating and financial fraud.
The investigating agency said a preliminary inquiry had prima facie substantiated allegations that the accused collected around Rs 2 crore from several individuals after portraying himself as an investor associated with an e-commerce company and promising monthly returns of 10 per cent.
The agency said the money was allegedly received through multiple bank accounts, following which the accused failed to fulfil his commitments and became unresponsive to the investors.
The investigation prima facie established that substantial amounts were allegedly obtained dishonestly on the promise of high returns, disclosing the commission of an offence under Section 420 IPC, the agency said.
An EOW spokesperson said the accused was arrested from the Mangammanapalya area of Bengaluru. The arrest was made on the basis of a warrant issued by the Court of the Fourth Additional Munsif Judicial Magistrate, Srinagar.
The Economic Offences Wing said further investigation into the case is in progress.
The Crime Branch has advised the public to exercise caution while dealing with investment schemes offering unusually high or guaranteed returns. It also urged people to verify the credentials of individuals and companies before transferring funds.
Claim of Association With E-Commerce Company
According to the investigating agency, the accused allegedly posed as an investor associated with an e-commerce company and assured people of a monthly return of 10 per cent.
It is alleged that he collected approximately Rs 2 crore from several people through various bank accounts. After receiving the money, he allegedly failed to fulfil his promises and stopped responding to the investors.
The EOW of the Crime Branch is continuing its investigation into the alleged financial fraud.