Srinagar: The Economic Offences Wing (EOW) Kashmir of Crime Branch has filed a chargesheet in a court against an accused in a Rs two crore investment fraud case, officials said here on Sunday.
The EOW Kashmir filed the chargesheet under Section 420 IPC (cheating and dishonestly inducing delivery of property) before the court of the Forest Magistrate, Srinagar, against Junaid Ul Islam Baba.
The case was registered following a written complaint against Baba, a resident of Chrar-e-Sharief in Budgam district, accusing him of taking Rs two crore from the complainant as investment in an e-commerce company.
“As per the complainants, Baba approached them and claimed to be working with an e-commerce company (Amazon) at Bengaluru as an investor. The accused individual asked the complainants for money with a promise of providing monthly profit of 10 percent,” the officials said.
The complainant allegedly paid Rs two crore to the accused, who left for Bengaluru after taking the money and went incommunicado.
“During investigation, funds in crores were traced to accounts maintained or operated by the accused, who failed to establish any genuine investment activity or satisfactorily account for the money received. Agreements executed and cheques issued towards repayment remained unpaid or were dishonoured due to insufficient funds,” the officials said.
The evidence collected established that the accused induced victims through deceptive assurances of high returns, causing wrongful loss to the complainants, they said.
The accused was arrested in Bengaluru by a special EOW Kashmir team on August 23 this year and is presently lodged in Central Jail, Srinagar.
His bail application was rejected by the city judge, Srinagar.
