SRINAGAR: The Special Crime Wing of Crime Branch Kashmir has filed a charge-sheet against a man accused of allegedly cheating 12 residents of Kashmir of Rs 16.78 lakh by luring them into investing in a purported foreign exchange (Forex) investment scheme that promised substantial returns within a short period.
The charge-sheet has been submitted before the Court of the Chief Judicial Magistrate, Srinagar, against Sunil Singh, son of Arjun Singh, a resident of Pratap Vihar, Ghaziabad, Uttar Pradesh, in connection with FIR No. 18/2022 registered at Police Station Special Crime Wing (SCW), Kashmir.
The accused has been booked under Section 420 of the Indian Penal Code (IPC) and Sections 5 and 23 of the Banning of Unregulated Deposit Schemes Act, 2019.
According to the Crime Branch, the case originated from a complaint lodged by Abid Hussain Joo and 11 other Srinagar residents, who alleged that they were induced to invest their hard-earned money in a venture operating under the name *Tronix Power & Capital Investment Programme, Delhi*.
The complainants alleged that the accused lured them with assurances of lucrative returns within a short period. A preliminary enquiry led to the registration of the case and a subsequent investigation into the alleged fraud.
The investigation revealed that a total of Rs 16,78,500 had been transferred by the complainants through banking channels into bank accounts linked to the accused, the Crime Branch said.
The Reserve Bank of India (RBI) also informed the investigating agency that the purported investment programme was not registered with it.
Following the completion of the investigation and collection of evidence, the charge-sheet was filed before the competent court for judicial consideration and further proceedings in accordance with law.
The Special Crime Wing Kashmir has urged the public to verify the credentials and regulatory status of investment schemes with the competent authorities before investing money. It has also advised people to report suspected investment frauds promptly to the concerned authorities.
