Srinagar, Feb 16 (NationPress) A massive Rs 209 crore fraudulent online investment scheme has been dismantled in Ganderbal district of Jammu and Kashmir, as announced by local police on Monday.

The Jammu and Kashmir Police have unveiled a cross-border online investment scam exceeding Rs 209 crore, leading to the arrest of an MBBS doctor from Hisar (Haryana) and eight accomplices from various regions in Kashmir. This operation was triggered by a complaint from Firdous Ahmad Mir, son of Mohammad Yousuf Mir of Safapora, Ganderbal, resulting in the filing of FIR No. 08/2026 under multiple sections of the Bharatiya Nyaya Sanhita and Section 66-C of the IT Act at the Ganderbal Police Station.

According to a police statement, SSP Ganderbal Khalil Ahmad Poswal established a Special Investigation Team (SIT), which discovered that the scam artists were running fake online investment and trading platforms advertised through social media and Google ads, including sites like paisavault.com.

Victims were enticed with promises of substantial returns and persuaded to invest in counterfeit coin-trading platforms. Upon investment, the funds were redirected to local bank accounts held by residents of Budgam, Srinagar, Ganderbal, Baramulla, and other areas. The money was swiftly moved through numerous layers to accounts beyond Jammu and Kashmir and even internationally to avoid detection.

Authorities identified the primary orchestrator of this scheme as Ekant Yogdutt, also known as Dr Morphine, a resident of Hisar who acquired knowledge of cyber fraud tactics during his MBBS studies in the Philippines and has connections with individuals from China.

Investigations uncovered that Yogdutt collaborated with local operatives, including Mohd Ibrahim Shah (alias Yawer), Nasir Ahmad Ganie, Maqsood Ahmad (alias Dr Albert), Tanveer Ahmad (alias Dr Martin), Tawseef Ahmad Mir (a government teacher), Khurshid Ahmad, and Ishfaq Ahmad, who acted as regional leaders and account mobilizers. These individuals specifically targeted below-poverty-line (BPL) account holders, convincing them to relinquish their bank accounts and ATM cards in exchange for monthly payments of Rs 8,000 to Rs 10,000.

The inquiry has also pointed to the involvement of certain bank employees who allegedly supplied QR codes for accounts, which were used on fraudulent investment websites. The scammers operated through Telegram channels and groups, where new QR codes were frequently disseminated. Officials reported that whenever cyber units nationwide froze accounts following complaints, the syndicate quickly replaced them with new QR codes to maintain their operations. So far, 835 bank accounts have been identified, with transactions verified in 290 accounts, indicating receipts of Rs 209 crore from investors across India.

This amount is expected to surpass Rs 400 crore upon complete verification. The main suspect, Ekant Yogdutt, was apprehended by Ganderbal police at Indira Gandhi International Airport while returning from China, while the other eight suspects were captured from various locations in Kashmir.

Further inquiries are ongoing to trace the complete money trail and seize the properties of the accused.

The police have urged the public to be cautious and avoid falling victim to fraudulent investment platforms that promise exorbitant returns, cautioning against renting out bank accounts for monetary compensation.