Srinagar, August 24: The Economic Offences Wing (EOW) Kashmir has arrested a man from Bengaluru in connection with an alleged investment fraud involving around ₹2 crore.
The accused, identified as Junaid Ul Islam, son of Nazir Ahmad Baba and a resident of Charar-e-Sharief in Budgam, was arrested from Mangammanapalya area of Bengaluru. He had reportedly been evading arrest for nearly a year.
The arrest was carried out pursuant to a warrant issued by the Court of the 4th Additional Munsiff Judicial Magistrate, Srinagar. The accused was wanted in connection with FIR No. 07/2025 registered at Police Station EOW Kashmir under Section 420 for alleged cheating and fraud.
According to investigators, the preliminary inquiry found prima facie evidence of financial fraud. The accused allegedly collected around ₹2 crore from several individuals by presenting himself as an investor associated with an e-commerce company and promising monthly returns of approximately 10 per cent.
The funds were allegedly collected through multiple bank accounts. However, after receiving the money, the accused reportedly failed to fulfil his commitments and eventually stopped responding to the investors.
The EOW Kashmir has taken the accused into custody as the investigation continues. Officials are examining the financial transactions and other evidence to establish the full extent of the alleged fraud and identify all persons who may have been affected.
Further investigation is underway, and additional action will be taken based on the evidence collected during the probe.
