EOW Kmr chargesheets Budgam man in Rs 2 cr investment fraud

Srinagar, The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has filed a chargesheet in FIR No. 07/2025 under Section 420 IPC before the Court of Forest Magistrate, Srinagar, against Junaid Ul Islam, son of Nazir Ahmad Baba, resident of Alamdar Colony, Charar-i-Sharief, Budgam, in an investment fraud case.
The case pertains to a written complaint received by the investigation agency wherein the complainants alleged that Junaid Ul Islam approached them and claimed to be working with an e-commerce company (Amazon) in Bengaluru as an investor. The accused asked the complainants for money with a promise of providing a monthly profit of 10 per cent. It was further alleged that they paid him approximately Rs 2 crore, but after receiving the money he left for Bengaluru and went incommunicado.
During investigation, substantial funds running into crores were traced to accounts maintained or operated by the accused, who failed to establish any genuine investment activity or satisfactorily account for the money received. Agreements executed and cheques issued towards repayment remained unpaid or were dishonoured due to insufficient funds.
The evidence collected established that the accused induced victims through deceptive assurances of high returns, causing wrongful loss to the complainants. The investigation was concluded as proved, and the chargesheet has been submitted before the court for judicial determination.
The accused was arrested in Bengaluru by a special EOW Kashmir team on August 23, 2026, and is presently lodged in Central Jail, Srinagar. His bail application has been rejected by the City Judge, Srinagar.
SSP EOW Kashmir advised the public to verify investment schemes, avoid unrealistic return promises and report suspected financial frauds promptly.