Budgam, Oct 25: The Economic Offences Wing (EOW) Kashmir of Crime Branch J&K has filed a chargesheet against Junaid Ul Islam, son of Nazir Ahmad Baba and a resident of Alamdar Colony, Charar-i-Sharief, Budgam, in an alleged Rs 2-crore investment fraud case, officials said on Sunday.
The chargesheet has been filed against the accused in FIR No. 07/2025 under Section 420 of the Indian Penal Code (IPC) before the Court of Forest Magistrate, Srinagar, officials said.
According to an official spokesperson, the case pertains to a written complaint received by the agency in which the complainants alleged that Junaid Ul Islam, son of Nazir Ahmad Baba and a resident of Alamdar Colony, Phase 1, Charar-i-Sharief, Budgam, had approached them, claiming to work as an investor with an e-commerce company, Amazon, in Bengaluru. The accused allegedly sought money from the complainants, promising monthly returns of 10 per cent. It was further alleged that the complainants paid him approximately Rs 2 crore, after which he left for Bengaluru and became uncontactable.
During the investigation, substantial funds amounting to crores of rupees were traced to bank accounts maintained or operated by the accused, who failed to establish any genuine investment activity or satisfactorily account for the money received, the spokesperson said. Agreements executed and cheques issued towards repayment remained unpaid or were dishonoured due to insufficient funds.
The evidence collected established that the accused had allegedly induced the victims through deceptive assurances of high returns, causing wrongful loss to the complainants. The investigation was concluded as proved, and the chargesheet was submitted before the court for judicial determination.
The accused was arrested in Bengaluru by a special EOW Kashmir team on August 23, 2026, and is currently lodged in Central Jail, Srinagar. His bail application has been rejected by the City Judge, Srinagar.
The SSP, EOW Kashmir, advised the public to verify investment schemes, avoid promises of unrealistic returns and promptly report suspected financial frauds.
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