Srinagar, Aug 24, KNT: The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has arrested a man accused of allegedly cheating several people of around Rs 2 crore by promising them high returns on their investments.
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 in compliance with a warrant issued by the Court of 4th Additional Munsiff Judicial Magistrate, Srinagar.
He was wanted in connection with FIR No. 07/2025 registered under Section 420 RPC at Police Station EOW Kashmir and had allegedly been evading arrest for nearly a year.
According to the Crime Branch, the case was registered after a preliminary inquiry prima facie substantiated allegations of cheating and financial fraud against the accused.
The investigation alleges that Junaid collected approximately Rs 2 crore from several individuals by claiming to be 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, following which the accused failed to honour the promised returns and subsequently became unresponsive, the agency said.
The investigation, according to EOW Kashmir, prima facie established that the accused had dishonestly obtained substantial amounts on the assurance of high returns, leading to the alleged commission of an offence punishable under Section 420 IPC.
The accused has been arrested and further investigation into the case is in progress.
The Crime Branch has meanwhile urged people to exercise caution while investing money in schemes offering unusually high or guaranteed returns and to verify the credentials of individuals and companies before making financial transactions. [KNT]
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