EOW Kashmir arrests man in investment fraud case

Srinagar, Aug 24: The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K on Monday arrested a Budgam man in connection with an alleged Rs 2 crore investment fraud case, officials said.
In a statement, a spokesperson said the EOW Kashmir arrested Junaid Ul Islam, son of Nazir Ahmad Baba, a resident of Alamdar Colony, Phase 1, Charar-e-Sharief, Budgam, from Mangammanapalya in Bengaluru.
He said the arrest was made in compliance with the orders of the Court of 4th Additional Munsiff Judicial Magistrate, Srinagar, which had issued a warrant against him. He was wanted in FIR No. 07/2025 under Section 420 RPC registered at Police Station EOW Kashmir and had been evading arrest for the past year.
The spokesperson said the agency registered the case under Section 420 IPC after a preliminary inquiry prima facie substantiated allegations of cheating and financial fraud against the accused. The accused allegedly collected approximately Rs 2 crore from several individuals by claiming to be an investor associated with an e-commerce company and promising monthly returns of 10 percent.
He said that after receiving the money through multiple bank accounts, the accused failed to honour his commitments and became unresponsive. The investigation prima facie established that he had dishonestly obtained substantial amounts on the promise of high returns, thereby disclosing the commission of an offence punishable under Section 420 IPC. Further investigation in the case is underway.
The spokesperson advised the general public to remain vigilant against fraudulent investment schemes promising unusually high or guaranteed returns and urged citizens to verify the credentials of individuals and companies before investing money. (KNO)