SRINAGAR: The Economic Offences Wing (EOW) Kashmir of Crime Branch JK has filed a chargesheet against a Budgam resident accused of defrauding investors of approximately Rs 2 crore by promising monthly returns of 10 per cent.
The chargesheet in FIR No. 07/2025 under Section 420 of the Indian Penal Code (IPC) has been submitted before the Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, son of Nazir Ahmad Baba, a resident of Alamdar Colony, Charar-i-Sharief, Budgam.
According to the investigation, the case originated from a written complaint alleging that the accused approached the complainants while claiming to be an investor associated with Amazon, an e-commerce company, in Bengaluru. He allegedly sought money from them on the assurance of providing a monthly profit of 10 per cent.
The complainants alleged that they collectively paid him approximately Rs 2 crore, after which he left for Bengaluru and stopped communicating with them.
During the investigation, the EOW traced funds worth crores of rupees to bank accounts maintained or operated by the accused. However, he allegedly failed to demonstrate any genuine investment activity or provide a satisfactory account of the money received.
The investigation also found that agreements executed and cheques issued towards repayment remained unsettled, with cheques being dishonoured due to insufficient funds.
The EOW concluded that the evidence established that the complainants had been induced to part with their money through assurances of high returns, resulting in financial losses. The chargesheet has been filed before the court for judicial determination.
The accused was arrested in Bengaluru by a special EOW Kashmir team on August 23, 2026, and is currently lodged in Central Jail, Srinagar. His bail application has been rejected by the City Judge, Srinagar.
The Senior Superintendent of Police (SSP), EOW Kashmir, has advised the public to verify investment schemes carefully, remain cautious of unrealistic return promises and report suspected financial frauds promptly.
