Srinagar, Sep 13: A court here has made bail absolute to two accused persons in connection with the alleged fake investment scam wherein high returns were promised to investors.
The duo—Mubarak Ahmad Rather son of Nissar Ahmad Rather of Gulshan Nagar Gulposh Colony and Majid Nazir Najar son of Nazir Ahmad Najar, resident of Batamaloo—were arrested by the Economic Offences Wing of the J&K Crime Branch in July this year.
Subsequently, Mubarak who works as Senior Sales Manager (SSM) in HDFC Defence Shaurya and Majid who works as Senior Shaurya Officer (SSO) in the same organisation moved bail application before the court. The duo was admitted to interim bail by the Chief Judicial Magistrate Srinagar on August 20 and subsequently same was extended from time to time and made absolute on September 8 in connection with case FIR No. 11/2025 under Section 420, 467, 468, 471, 120-B IPC of P/S EOW-S (Crime Branch Kashmir).
According to officials, the case was filed after the Crime Branch Kashmir received an online complaint, wherein it was alleged that the complainant has been duped, cheated by the two “fraudsters” namely Majid Nazir Najar and Mubarak Ahmad Rather who promised high returns on investment in Adarsh Cooperative Society, SBI Life insurance and HDFC Insurance companies and provided the complainant with deposit certificates.
However, during the investigation, the certificates were found to be fake and forged, the EOW said. The accused individuals, as per EOW, projected themselves as authorised representatives and agents working with various financial institutions and lured the complainant to make investments in various deposit schemes.
“The case was registered under relevant sections of law, and during the course of investigation, evidence confirmed the involvement of both the accused,” EOW said.
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