Srinagar- The cyber wing of Jammu and Kashmir Police conducted midnight raids at at least five locations in Srinagar, seizing documents and electronic gadgets as part of an investigation into a multi-crore investment scam.
The move comes a day after a 59 crore investment scam surfaced in Srinagar, shocking those who had invested their hard-earned money in the firm. The company exploited people by falsely claiming that their investment would double in 15 days.
Sources within the police department told Kashmir Observer that a manhunt has been launched to nab the accused following the formal registration of a case at the Cyber Wing of Jammu and Kashmir Police.
The main accused involved in the scam linked to the private firm Curative Survey Agency, are reportedly on the run after the revelations came to light a day earlier.
This fraudulent company has subsidiaries located in various districts across Kashmir. A formal case (FIR number 39 of 2023) has been filed under sections 66D of the Information Technology Act and Indian Penal Code (IPC) sections 429 at the Cyber Police Station.
“All available human and technical resources are being employed to zero in on the accused, as part of the extensive investigation into the multi-crore investment scam involving a private investment business. Documents and electronic gadgets have been seized during midnight raids in Srinagar,” officials said.
Regarding the number of people accused of duping investors, the police said that since the inquiry is in its early stages, hasty conclusions cannot be drawn.
“Let the investigation reach its conclusion; it’s a massive scam, and the agency cannot draw conclusions until the facts are known. A massive hunt has been launched to nab those who are absconding,” a police official told Kashmir Observer, adding that not everyone seen in the office is necessarily guilty, and some may even be paid staff members who are unaware of the fraud.
“We appeal to the victims to remain calm and cooperate with the police until the investigation is completed and the accused are arrested,” said the police official, assuring that those at the helm of the firm will be behind bars soon.
The officials, however, said the amount might increase as the investigation is still in progress.
Initially, the company made good on its promise which brought in more investors and the scheme was promoted by at least two local YouTubers adding to its popularity.
Soon after, the owners of the company disappeared, officials said, adding that they found the Karan Nagar office locked.
One of the YouTubers, Idris Mir, said he could not be held responsible for the fraud as he had featured the company on his channel as a paid promotion.
“It was not only me who did it. There are others as well. We have our own checks to see whether the company is a legal entity. Only then we promote the company. This company was in operation for nearly one year with branches in Jammu, Srinagar, Pattan, and Sangrama. What was happening during all this time?” he asked. (With PTI inputs)
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