SRINAGAR, OCT 25: The Economic Offences Wing (EOW) Kashmir of the Crime Branch, Jammu and Kashmir, has filed a chargesheet before the Court of Forest Magistrate, Srinagar, in an alleged ₹2 crore investment fraud case in which several complainants were reportedly induced to invest money on the promise of monthly returns of 10 per cent.
The chargesheet has been filed against Junaid Ul Islam, son of Nazir Ahmad Baba, a resident of Alamdar Colony, Charar-i-Sharief, Budgam. The case has been registered under FIR Number 07/2025 under Section 420 of the Indian Penal Code (IPC).
According to the EOW, the case originated from a written complaint alleging that the accused approached the complainants while claiming to be associated with the e-commerce company Amazon in Bengaluru and projecting himself as an investor. He allegedly persuaded them to invest their money by promising a monthly profit of 10 per cent.
The complainants alleged that, relying on these assurances, they handed over approximately ₹2 crore to the accused. However, after allegedly receiving the money, he left for Bengaluru and subsequently became unreachable, raising concerns among the investors over the whereabouts of their funds.
During the investigation, the EOW examined financial transactions and traced substantial sums of money through bank accounts maintained or operated by the accused. According to the investigating agency, the accused could not establish any genuine investment activity or provide a satisfactory explanation regarding the funds allegedly collected from the complainants.
The investigators also scrutinised agreements executed between the parties and cheques reportedly issued towards repayment of the invested amounts. The agency stated that the repayment instruments remained unpaid or were dishonoured due to insufficient funds.
The findings, according to the EOW, supported the allegations that the complainants had been induced to part with their money through assurances of unusually high returns. The investigation concluded that sufficient material had been collected to submit the case before the competent court for judicial consideration.
The filing of the chargesheet marks the completion of the investigation at this stage and places the allegations and supporting evidence before the court. The allegations against the accused remain subject to judicial scrutiny, and his guilt will be determined through the legal process.
As part of the investigation, the EOW Kashmir team arrested the accused in Bengaluru on August 23, 2026. He is currently lodged in Central Jail, Srinagar, according to the agency.
The EOW further stated that the accused’s bail application had been rejected by the City Judge, Srinagar.
The case highlights the financial risks associated with investment offers promising exceptionally high monthly returns, particularly when such offers are made by private individuals without independently verifiable investment credentials or transparent documentation of the proposed business activity.
Meanwhile, the Senior Superintendent of Police (SSP), EOW Kashmir, has advised members of the public to exercise caution before entrusting their money to individuals or entities offering unusually high or guaranteed returns.
The agency has urged prospective investors to verify the credentials and legitimacy of individuals and organisations promoting investment opportunities, carefully examine the terms and conditions of investment agreements, and ensure that the proposed financial activities are genuine and transparent.
Members of the public have also been advised to promptly report suspected financial frauds to the appropriate authorities to facilitate timely investigation and legal action.
The alleged fraud underscores the importance of financial due diligence and independent verification before making investments. Promises of substantial monthly profits should be examined carefully, as attractive returns alone do not establish the legitimacy of an investment scheme.
With the chargesheet now before the court, the case will proceed through the judicial process, where the evidence collected by the investigating agency and the allegations against the accused will be examined in accordance with the law.
