The Economic Offences Wing (EOW) Kashmir of Crime Branch Jammu and Kashmir has filed a chargesheet against a Budgam resident accused of cheating investors of approximately ₹2 crore by promising monthly returns of 10 percent. Investigators alleged that the accused collected money by claiming to be associated with Amazon in Bengaluru but failed to provide evidence of genuine investment activity.
The chargesheet has been submitted before the Court of Forest Magistrate, Srinagar, under Section 420 of the IPC.
Who Is the Accused?
The accused has been identified as Junaid Ul Islam, son of Nazir Ahmed Baba, a resident of Alamdar Colony, Chrar-i-Sharief, Budgam.
According to the EOW, the case was registered as FIR No. 07/2025 following a written complaint from investors who alleged that they had been deceived into handing over substantial amounts of money.
The accused allegedly presented himself as an investor associated with e-commerce company Amazon in Bengaluru.
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How Did the Investment Scheme Work?
Investigators alleged that Islam persuaded complainants to invest by promising monthly profits of 10 percent.
The investors reportedly paid him approximately ₹2 crore after being assured of regular returns. However, the accused subsequently left for Bengaluru and became incommunicado, according to the complaint.
The investors approached the authorities after allegedly failing to recover their money.
What Did Investigators Discover?
During the investigation, EOW Kashmir traced substantial funds running into crores of rupees to bank accounts maintained or operated by the accused.
Officials said he failed to establish any genuine investment activity or satisfactorily explain the money received from complainants.
Investigators concluded that the accused had allegedly induced investors to part with their money through misleading assurances of high returns.
What Happened to the Repayment Cheques?
According to the investigating agency, agreements were executed and cheques were issued towards repayment of the invested amounts.
However, the repayments remained outstanding, while the cheques were dishonoured because of insufficient funds.
The agency treated these findings as part of the evidence supporting the allegations of cheating and financial loss.
Has the Accused Been Arrested?
A special EOW Kashmir team arrested Islam in Bengaluru on August 23, 2026.
He is currently lodged in Central Jail, Srinagar. Officials said his bail application was rejected by the City Judge, Srinagar.
Following completion of the investigation, the agency submitted its chargesheet before the competent court for judicial determination.
What Does This Mean?
The case highlights the risks of investment schemes promising unusually high and guaranteed returns without verifiable business activity. EOW Kashmir has advised investors to verify investment opportunities carefully, avoid unrealistic profit assurances and promptly report suspected financial fraud. The allegations against the accused remain subject to judicial determination.
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