In a major operation, Cyber Police Kashmir conducted raids at five locations in Kashmir on Wednesday, unraveling a deceptive “money doubling scam” involving an alleged bogus company that has duped local residents, leaving chaos and protests in its wake.
According to reports, a team of cyber police, accompanied by a magistrate, sealed the office of the suspected fraudulent company situated in the Karan Nagar locality of Srinagar city. The raids were part of a comprehensive investigation into a financial scam worth crores, with electronic gadgets and documents seized during the searches.
A police official quoted by newsgathering agency KDC stated, “One bogus company has scammed and cheated the gullible public by falsely promising them huge returns on their investments.” The victims, primarily students and housewives, were enticed to invest their hard-earned money with the company based on false promises of substantial returns.
After misleading and cheating the investors, the company allegedly turned unresponsive, leaving subscribers in the dark and triggering chaos, anguish, and protests. The exact amount invested across the valley is still under investigation.
Upon receiving information about the scam, the police registered a case under Sections 66D of the IT Act and 420 of the IPC. The FIR copy reveals that the case has been assigned to an Inspector-rank officer for further investigation.
