SRINAGAR: 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.
"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.