SRINAGAR: The Economic Offences Wing (EOW) Kashmir of Crime Branch JK has arrested a Budgam man who had allegedly been evading arrest for nearly a year in a case involving suspected financial fraud of around Rs 2 crore, officials said.
The accused, Junaid Ul Islam, son of Nazir Ahmad Baba of Alamdar Colony, Phase 1, Charar-e-Sharief, Budgam, was arrested from Mangammanapalya in Bengaluru in compliance with a warrant issued by the 4th Additional Munsiff Judicial Magistrate, Srinagar.
He was wanted in FIR No. 07/2025 registered at Police Station EOW Kashmir under Section 420 RPC in connection with allegations of cheating and financial fraud.
According to the investigation agency, a preliminary inquiry had prima facie substantiated allegations that Junaid Ul Islam 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, after which the accused failed to fulfil his commitments and became unresponsive.
The investigation prima facie established that substantial amounts were allegedly obtained dishonestly on the promise of high returns, disclosing an offence under Section 420 IPC, the agency said.
Further investigation in the case is in progress.
The Crime Branch advised the public to exercise caution while dealing with investment schemes offering unusually high or guaranteed returns and to verify the credentials of individuals and companies before transferring funds.
