Did the J&K Crime Branch Uncover a Fake Investment Scam?
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Synopsis
On August 13, the J&K Crime Branch's Economic Offences Wing initiated searches in Srinagar, targeting a fraudulent investment scheme that lured investors with promises of high returns. This investigation highlights the ongoing battle against economic crimes in the region. Stay tuned for insights into the case and its implications.
Key Takeaways
- Economic Offences Wing actively combats investment scams.
- Fake certificates were used to lure investors.
- Two suspects arrested for their role in the fraud.
- Investors are urged to remain vigilant against such schemes.
- Significant amounts of money are often involved in these scams.
Srinagar, Aug 13 (NationPress) The Economic Offences Wing of the J&K Crime Branch executed searches at several sites in Srinagar city on Wednesday, as part of an investigation into a fraudulent investment scheme that guaranteed high returns to unsuspecting investors.
A statement from the crime branch disclosed, “The Economic Offences Wing (Crime Branch Kashmir) today conducted searches across multiple locations in District Srinagar related to case FIR No. 11/2025 under Sections 420, 467, 468, 471, 120-B IPC of P/S EOW-S (Crime Branch Kashmir).
“The case unfolded after Crime Branch Kashmir received an online complaint alleging that the complainant had been deceived by two con artists, identified as Majid Nazir Najar, son of Nazir Ahmad Najar from Batamaloo, and Mubarak Ahmad Rather, son of Nissar Ahmad Rather from Gulshan Nagar, Gulposh Colony. They promised lucrative returns on investments in Adarsh Cooperative Society, SBI Life Insurance, and HDFC Insurance, providing the victim with fraudulent deposit certificates,” officials stated.
Upon investigation, it was revealed that these certificates were counterfeit. The accused posed as authorized representatives and agents of various financial institutions, enticing the complainant to invest in different deposit schemes.
“A case was formally registered under pertinent sections of law, and evidence gathered during the investigation confirmed the involvement of both suspects. Both individuals have been arrested for further inquiries. Ongoing searches are being conducted at multiple locations linked to the arrested individuals as part of this investigation,” the officials added.
The desire for quick financial gain is a significant factor driving such economic crimes, as both the deceived and the deceiver pursue rapid profits, often disregarding the potential fallout.
In a parallel fraudulent investment case in Ganderbal district, four individuals, including a bank employee, were charged in court for swindling gullible investors out of Rs 53 crore by promising swift returns on their investments.
The four defendants in this scheme have been denied bail and are currently incarcerated.
Point of View
It is crucial to uphold the integrity of our financial institutions and protect the interests of the public. The alarming rise of fraudulent schemes such as the one uncovered in Srinagar underscores the need for increased vigilance and regulatory measures to safeguard investors against deceitful practices.
NationPress
05/10/2025
Frequently Asked Questions
What led to the search by the J&K Crime Branch?
The search was initiated following an online complaint regarding a fake investment scam that promised high returns to investors.
Who are the individuals involved in the scam?
The accused are Majid Nazir Najar and Mubarak Ahmad Rather, who allegedly defrauded investors by providing fake deposit certificates.
What actions have been taken against the accused?
Both suspects have been arrested, and ongoing searches are being conducted at various locations linked to them as part of the investigation.
How much money was involved in similar scams?
In a related case in Ganderbal district, four individuals were charged for defrauding investors out of Rs 53 crore.
Why do such scams continue to occur?
The lure of quick financial returns often blinds both the victims and the fraudsters, leading to numerous economic offenses.
