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In a significant breakthrough against rising financial cybercrime, the Jammu & Kashmir Police have uncovered a large multi-state cyber fraud racket, identifying 13 accused and successfully recovering ₹2.27 crore siphoned off through fraudulent online trading activities. The recovery, facilitated through prompt investigation and court-approved bank action, is among the most substantial cyber fraud recoveries recorded in the Union Territory in recent years.
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Complaint Triggered Probe Into a Larger Fraud Network
The case came to light on November 10, when Khalid Hassan, a resident of Dalpatian Mohalla in Jammu, lodged a complaint at the Nagrota Police Station.
According to the complainant, on April 8, he received a call from his brother, Sajid Hassan, urgently requesting ₹54 lakh. Acting on the request, Khalid obtained a loan for the specified amount from J&K Bank and transferred it immediately.
However, on November 10, Khalid learned from his brother that not only the ₹54 lakh but a total of over ₹2 crore invested through the ICICI Securities application had been fraudulently withdrawn by unknown persons. He was subsequently advised by police to report the matter through the National Cyber Crime Helpline 1930 and file a formal complaint on the NCCRP portal.
The digital complaint reported a cyber fraud totalling ₹2,27,45,264, allegedly executed through deceptive trading schemes using ICICI Securities.
Forensic Analysis of Bank Accounts Reveals Layered Money Trail
During investigation, police teams obtained and analysed the victim’s bank statements along with those linked to suspected fraudsters. The analysis exposed a complex chain of transactions through multiple bank accounts, indicating a coordinated and pre-planned fraud operation.
A police spokesperson said that several bank accounts used for siphoning the funds were promptly frozen, and after securing court orders, the entire embezzled amount of ₹2.27 crore was remitted back into the rightful account.
Officials noted that the speed of the recovery was made possible through seamless coordination between the cyber police, banks and judicial authorities. “This is a major success in dismantling a fraud network and ensuring full restitution to the victim,” the spokesperson said.
Fraud Executed Through Fake High-Return Trading Promises
Further examination of the Customer Application Forms (CAFs), KYC documents, and digital transaction trails established that the fraudsters acted in a criminal conspiracy. They lured victims into investing money through deceptive trading platforms by promising exceptionally high returns.
The money was then channelled through a network of accounts operated by the accused, in what police describe as a “layered diversion strategy” designed to obscure the trail and facilitate quick withdrawals.
Investigators believe that the gang may have targeted multiple victims in different states using similar tactics, making this a wider financial crime network rather than an isolated incident.
13 Accused Identified; Raids Underway Across Several States
The investigation team has so far identified 13 suspects involved in the racket. Their bank details, mobile numbers, communication logs and digital imprints have been mapped, and police teams have been dispatched to various states to secure arrests.
Sources said the suspects are believed to be operating from Uttar Pradesh, Delhi, Maharashtra, Haryana and other regions, hinting at a well-coordinated interstate fraud nexus.
“Multiple police teams are conducting raids in different states, and more arrests are expected soon,” a senior official confirmed.
A Strong Message Against Cyber Financial Crimes
The Jammu & Kashmir Police emphasised that the case serves as a strong warning to cybercriminal groups exploiting digital trading platforms to dupe unsuspecting investors. With financial cyber fraud on the rise nationwide, the force is increasing coordination with banks, regulators, and cybercrime units across India.
Cybersecurity experts note that fraudulent trading apps and manipulated investment dashboards have become a leading modus operandi of organised cyber syndicates. Citizens are advised to stay cautious of unsolicited investment advice, unusual app requests, or high-return schemes that appear suspicious.
The police reiterated their appeal for immediate reporting of online fraud cases through 1930 and the NCCRP portal for early action and better chances of recovery.
