Srinagar, Feb 16 (IANS) A Rs 209 crore fake online investment scam has been busted in J&K’s Ganderbal district, police said on Monday.
“Jammu and Kashmir Police have busted a transnational fake online investment scam involving over Rs 209 crore by arresting an MBBS doctor from Hisar (Haryana) along with eight others from different parts of Kashmir. The racket was uncovered following a complaint lodged by Firdous Ahmad Mir, son of Mohammad Yousuf Mir of Safapora, Ganderbal, leading to the registration of FIR No. 08/2026 under Sections 3(5), 61(2), 316(4), 318, 111 of the Bharatiya Nyaya Sanhita and Section 66-C of the IT Act at Ganderbal Police Station,” a police statement said.
SSP Ganderbal Khalil Ahmad Poswal constituted a Special Investigation Team (SIT), which revealed that fraudsters were operating fake online investment and trading platforms promoted through social media and Google ads, including websites such as paisavault.com, it added.
“Victims were lured with promises of high returns and induced to invest in bogus coin-trading platforms. Once investments were made, the money was diverted into local bank accounts belonging to residents of Budgam, Srinagar, Ganderbal, Baramulla and other areas. These funds were then rapidly transferred through multiple layers to accounts outside Jammu and Kashmir and even abroad to evade detection,” the statement said.
Police identified the main handler of the entire nexus as Ekant Yogdutt alias Dr Morphine, a resident of Hisar, who has learned cyber fraud techniques while pursuing his MBBS degree in the Philippines and maintains links with nationals of China, it said.
Investigations revealed that Yogdutt conspired with local operatives — Mohd Ibrahim Shah alias Yawer of Ganderbal, Nasir Ahmad Ganie, son of Abdul Hamid Ganie of Ganderbal, Maqsood Ahmad alias Dr Albert of Budgam, Tanveer Ahmad alias Dr Martin of Budgam, Tawseef Ahmad Mir (a government teacher) of Baramulla, Khurshid Ahmad of Nunner and Ishfaq Ahmad of Safapora, who acted as regional heads and account mobilisers. Police said these accused targeted below-poverty-line (BPL) account holders, persuading them to hand over their bank accounts and ATM cards in exchange for Rs 8,000 to Rs 10,000 per month.
“The probe has also indicated the involvement of some bank employees who allegedly provided QR codes of accounts, which were uploaded on fake investment websites. The fraudsters operated Telegram channels and groups where new QR codes were regularly shared. Officials said whenever cyber units across the country froze accounts after complaints, the gang promptly replaced them with fresh QR codes to continue operations,” the police statement said, adding that so far, they have identified 835 bank accounts and verified transactions in 290 accounts, revealing receipts of Rs 209 crore from investors across India.
”The figure is likely to cross Rs 400 crore after complete verification. The prime accused, Ekant Yogdutt, was arrested by Ganderbal police at Indira Gandhi International Airport while returning from China, while the remaining eight accused were apprehended from various locations across Kashmir.”
Further investigation is underway to trace the complete money trail and attach properties of the accused.
“Police have urged the public not to fall prey to fake investment platforms promising heavy returns and warned against renting out bank accounts for monetary consideration,” the police statement added.
–IANS
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