Srinagar, October 26: The Economic Offences Wing of Crime Branch Kashmir has filed a chargesheet against a Budgam resident accused of collecting around ₹2 crore from investors by promising monthly returns of 10 per cent.
The accused, Junaid Ul Islam of Alamdar Colony, Charar-i-Sharief, allegedly claimed to be involved in investments linked to an e-commerce company in Bengaluru. Complainants said he stopped communicating with them after receiving their money.
According to investigators, substantial amounts were traced to accounts maintained or operated by the accused, but he could not establish any genuine investment activity or satisfactorily explain the funds. Repayment commitments were allegedly not honoured, and cheques were dishonoured because of insufficient funds.
The chargesheet was submitted before the Forest Magistrate’s Court in Srinagar under Section 420 of the IPC.
Officials said the accused was arrested in Bengaluru on August 23 and remains lodged in Central Jail, Srinagar. His bail application was rejected.
The agency urged people to verify investment offers, remain cautious about unusually high returns and promptly report suspected financial fraud. The allegations will now be considered by the court.
