Srinagar- The Economic Offences Wing (EOW) Kashmir of the Crime Branch J&K has arrested a Budgam man in connection with an alleged Rs 2 crore investment fraud case, officials said on Monday.
The accused, identified as Junaid Ul Islam, son of Nazir Ahmad Baba of Alamdar Colony, Phase 1, Charar-e-Sharief, was arrested from Mangammanapalya in Bengaluru, a spokesperson of the EOW said.
The arrest was made in compliance with a warrant issued by the Court of the 4th Additional Munsiff Judicial Magistrate, Srinagar, he said.
Ul Islam was wanted in FIR No. 07/2025 registered at Police Station EOW Kashmir under Section 420 RPC and had allegedly been evading arrest for nearly a year, the spokesperson said.
According to the agency, a preliminary inquiry had prima facie substantiated allegations of cheating and financial fraud against the accused.
The accused allegedly collected around Rs 2 crore from several individuals by claiming to be an investor associated with an e-commerce company and promising monthly returns of 10 per cent, the spokesperson said.
After receiving the money through multiple bank accounts, he allegedly failed to honour his commitments and became unresponsive, the agency said.
The investigation prima facie established that the accused had dishonestly obtained substantial amounts by promising high returns, thereby disclosing the commission of an offence punishable under Section 420 IPC, it said.
Further investigation in the case is underway.
The EOW advised people to remain vigilant against fraudulent investment schemes promising unusually high or guaranteed returns and urged investors to verify the credentials of individuals and companies before parting with their money.
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