Interstate Investment Scam Uncovered in J&K: 9 Arrested

Interstate Investment Scam Uncovered in J&K: 9 Arrested.webp

Srinagar, February 16 The Jammu and Kashmir Police has unearthed an interstate online investment scam worth Rs 209 crore in the Ganderbal district, and has arrested nine people, including the main operator from Delhi, officials said on Monday.

"So far, the police have collected details of 835 accounts and verified transactions of 290 accounts, through which Rs 209 crore was received from various investors across India. The amount is likely to exceed Rs 400 crore upon complete verification," a police spokesman said.

The transnational racket used phishing and fake trading platforms to deceive the victims, he said.

Among the nine people arrested was the main operator of the racket – a doctor from Haryana – who was arrested at Delhi airport, he said.

Acting on a complaint by Firdous Ahmad Mir, police in Gandebal launched an investigation into allegations of identity theft and cheating by a gang of online fraudsters.

Ganderbal SSP Khalil Ahmad Poswal constituted a special investigation team (SIT) to probe the matter, involving experts in it.

The collection of evidence through the arrest of suspects, house searches, and records from banks and other departments revealed that there were investment websites on social media/Google like paisavault.com, etc., which lured the general public.

Once the victims started investing in the fake platforms of coin trading, their amounts were diverted into the bank accounts of people from Budgam, Srinagar, Ganderbal, Baramulla, and multiple other places, the spokesman said.

All such accounts were under the control of the fraudsters, who immediately transferred the invested amount into accounts outside Jammu and Kashmir and even outside the country, using multiple layers to prevent detection, he said.

The main handler of the nexus has been identified as Ekant Yogdutt alias Dr Morphine, a resident of Hisar in Haryana.

The accused learnt these techniques while doing his MBBS in the Philippines. He also had multiple links with Chinese nationals, the spokesman said.

The main operator conspired with Mohd Ibrahim Shah alias Yawer, Nasir Ahmad Ganie, Maqsood Ahmad alias Dr Albert, Tanveer Ahmad alias Dr Martin, Tawseef Ahmad Mir, Khurshid Ahmad, and Ishfaq Ahmad, who worked as regional heads and account mobilisers.

"These local fraudsters approached below poverty line (BPL) account holders for providing their account details and ATM cards against a sum of Rs 8,000-10,000 per month," the spokesman said.

Involvement of bank employees also emerged, who provided QR codes of accounts that were uploaded on fake websites, the spokesman said.

The fraudsters established Telegram channels and groups where they regularly uploaded QR codes, and once heavy transactions occurred in such accounts, the cyber units across the country froze the accounts even as the fraudsters promptly uploaded new QR codes, the spokesman said.

The main accused, Ekant Yogdutt, was arrested at the IGI Airport in Delhi upon his return from China, while the other accused were taken into custody from various parts of Kashmir, he added.
 
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cybercrime investigation delhi airport arrest fake trading platforms fraud investigation ganderbal district identity theft interstate fraud investment fraud jammu and kashmir police online investment scam phishing qr code fraud telegram channels
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