SRINAGAR: The Special Crime Wing (SCW) Kashmir of Crime Branch Jammu and Kashmir has filed a charge-sheet against a Uttar Pradesh resident accused of allegedly duping 12 Kashmir residents of ₹16.78 lakh through a fraudulent investment scheme promising high returns.
According to a statement issued by the SCW, the charge-sheet was filed before the Court of Chief Judicial Magistrate, Srinagar, in connection with FIR No. 18/2022 registered at Police Station SCW Kashmir against Sunil Singh, son of Arjun Singh, a resident of Pratap Vihar in Ghaziabad, Uttar Pradesh.
The accused faces charges under Section 420 of the Indian Penal Code (IPC) and Sections 5 and 23 of the Banning of Unregulated Deposit Schemes Act, 2019.
The case originated from a complaint lodged by Abid Hussain Joo and 11 other Srinagar residents, who alleged that Singh had induced them to invest their money in a purported foreign exchange investment venture operating under the name “Tronix Power & Capital Investment Programme, Delhi”, with assurances of substantial returns within a short period.
The complainants alleged that they were subsequently cheated after investing in the scheme.
The investigation revealed that a total of ₹16,78,500 had been transferred through banking channels into accounts linked to the accused, the statement said.
The Reserve Bank of India also informed investigators that the investment programme was not registered with it.
After completing the investigation and collecting evidence, the SCW submitted the charge-sheet before the competent court for judicial consideration and further proceedings in accordance with law.
The SCW advised the public to verify the credentials and regulatory status of investment schemes with the competent authorities before investing and to report suspected investment fraud to the concerned authorities.
