SRINAGAR: The Economic Offences Wing (EOW) of the Jammu and Kashmir Crime Branch has arrested a man from Bengaluru in connection with an alleged Rs 2-crore cheating and financial fraud case involving investors from Kashmir.
The accused, identified as Junaid ul Islam, a resident of Charar-e-Sharief in Budgam district, was wanted in a case registered under Section 420 of the Ranbir Penal Code (RPC). Officials said he had been evading arrest for nearly a year.
According to the EOW, Islam was arrested from Mangammanapalya in Bengaluru in compliance with the arrest warrant issued by the Court of the 4th Additional Munsiff Judicial Magistrate, Srinagar.
The Crime Branch said its investigation has prima facie substantiated allegations of cheating and financial fraud against the accused.
The EOW alleged that Islam collected around Rs 2 crore from several individuals, claiming that he was an investor associated with an e-commerce company. He allegedly promised investors monthly returns of 10 per cent in return for their money.
Officials said the funds were received through multiple bank accounts. However, the accused allegedly failed to fulfil the promised returns and subsequently became unresponsive to the investors.
The arrest is part of the EOW’s ongoing investigation into the alleged financial fraud. Further investigation is underway.
