Jammu & Kashmir Police Expose International Fake Investment Scam, 9 Arrested Including MBBS Doctor
Authorities Dismantle ₹209 Crore Transnational Investment Scam in Jammu and Kashmir
Authorities in Jammu and Kashmir have dismantled a large-scale transnational investment scam that bilked investors out of at least ₹209 crore, with estimates suggesting the total losses could exceed ₹400 crore.
The Scam
The scam, which operated across India and internationally, was taken down following the arrest of nine individuals, including a medical doctor from Haryana.
The scam relied on fake online investment and trading websites, promoted through social media and search engines, to lure victims with promises of high returns through cryptocurrency and coin trading schemes.
Once investors deposited funds, the money was channeled into local bank accounts in various districts, including Budgam, Srinagar, Ganderbal, and Baramulla.
The funds were then transferred out of Jammu and Kashmir, and in some cases, overseas, through a complex network of transactions designed to evade detection.
Modus Operandi
Some bank employees are suspected of involvement, allegedly providing QR codes linked to the scam accounts, which were then uploaded to the fake investment portals.
Investigation and Arrests
The investigation has identified 835 bank accounts linked to the scam, with 290 verified transactions totaling ₹209 crore.
Authorities believe that the total amount collected through the scam is likely to be significantly higher, potentially exceeding ₹400 crore, once all accounts and transactions are fully verified.
The alleged mastermind behind the scam, Ekant Yogdutt, also known as “Dr Morphine,” was arrested at Indira Gandhi International Airport in Delhi while returning from China.
Yogdutt, a resident of Hisar in Haryana, is believed to have learned cyber fraud techniques while pursuing his medical degree in the Philippines and maintained connections with foreign nationals, including Chinese contacts.
Eight other individuals, who acted as regional heads and account mobilizers within the scam network, were also arrested from various parts of the Kashmir region.
They are accused of coordinating recruitment, managing accounts, and processing fraudulent transactions.
Warning to the Public
The police are continuing to investigate the money trail and have begun the process of attaching properties acquired through the scam.
Authorities have warned the public against falling for online investment platforms that promise unrealistic returns, reminding them not to rent out their bank accounts for small monetary benefits, which can make them complicit in fraud.
Victims and those with information related to similar scams are urged to file complaints through the national cybercrime portal or by calling the toll-free helpline at 1930.
About Author
English