SRINAGAR: A significant scam has emerged in Kashmir, with investors allegedly deceived of crores by a local private firm. Cyber Police Kashmir is currently investigating the matter after receiving several complaints.
Investors staged a protest in Srinagar, claiming they were cheated out of their hard-earned money by the said private investment firm.
“We were enticed to invest money in the company with promises of doubling our investment within 15 days. Initially, the firm delivered on its promises, but after some time, communication ceased, raising suspicions,” one protester said.
The investor revealed that she and her family invested approximately Rs 5 lakh in the firm, influenced by a social media influencer who vouched for the firm’s authenticity through videos on his YouTube channel.
“Recently, attempts to contact the firm and its employees have gone unanswered. We have fallen victim to this fraudulent company, losing our hard-earned money. The company has deceived many people, swindling them of crores,” she added.
Meanwhile, local employees, unaware of the firm’s credentials, claimed they were also defrauded of their money. Employees, directed by administrators based in Chennai and occasionally in Srinagar, urged customers and investors to partake in investment plans promising a doubling of their money within 15 days.
“In the beginning, the promised doubled amounts were credited to customers’ bank accounts, leading employees to invest their salaries in the firm. Unfortunately, they too have become victims of both monetary loss and job termination,” revealed a firm employee.
A senior officer from Cyber Police Kashmir assured that they have received complaints against the firm and are actively investigating the matter. “Those involved will be brought to justice,” he affirmed.
