Srinagar, Feb 16 : In one of the biggest financial frauds busted in the region recently, the Jammu and Kashmir Police has unearthed a massive fake online investment scam in Ganderbal district, with the amount involved so far pegged at Rs 209 crore and expected to cross Rs 400 crore after complete verification.
Nine persons, including an MBBS doctor from Haryana who allegedly learned the tricks of the trade while studying in the Philippines, have been arrested in connection with the case, officials said on Monday.
According to a police spokesperson, the investigation was initiated based on a complaint filed by Firdous Ahmad Mir, a resident of Safapora Ganderbal. Following this, FIR No. 08/2026 was registered at Police Station Ganderbal under sections 3(5), 61(2), 316 (4), 318, 111 BNS and 66-C IT Act.
Senior Superintendent of Police Ganderbal, Khalil Ahmad Poswal-JKPS, constituted a Special Investigation Team (SIT) which included subject matter experts to probe the matter.
The police investigation revealed that fraudsters were luring the public through fake investment websites and social media platforms, such as ‘paisavault.com’, promising high returns on coin trading. Once victims began investing, the money was diverted into local bank accounts in Budgam, Srinagar, Ganderbal, and Baramulla.
“The amount was immediately transferred out of J&K through multiple layering and even routed outside the country to prevent detection of the money trail,” the spokesperson said.
The police have identified the alleged mastermind as Ekant Yogdutt, alias “Dr. Morphine,” a resident of Hisar, Haryana. Officials said he acquired expertise in cyber fraud during his MBBS degree in the Philippines and had multiple links with Chinese nationals.
The kingpin allegedly conspired with several local operatives from Kashmir, including Mohd Ibrahim Shah alias Yawer (Ganderbal), Nasir Ahmad Ganie (Ganderbal), Maqsood Ahmad alias Dr. Albert (Budgam), Tanveer Ahmad alias Dr. Martin (Budgam), Tawseef Ahmad Mir, a government teacher (Baramulla), Khurshid Ahmad (Nunner), and Ishfaq Ahmad (Safapora). These individuals acted as regional heads and account mobilizers, targeting Below Poverty Line (BPL) account holders with promises of Rs 8,000 to 10,000 per month in exchange for their bank accounts and ATM cards.
Preliminary investigations have also pointed towards the involvement of certain bank employees who allegedly provided QR codes linked to these accounts, which were then uploaded onto the fake websites. The fraudsters operated through dedicated Telegram channels, regularly updating new QR codes whenever the mule accounts were frozen by cyber units.
“So far, police have collected details of 835 accounts and verified transactions of 290 accounts, in which Rs 209 crore was received from various investors across India. Upon complete verification, the amount is likely to cross Rs 400 crore,” the spokesperson added.
The main accused, Ekant Yogdutt, was arrested by Ganderbal Police upon his arrival from China at Indira Gandhi International Airport in Delhi. The eight other accused were apprehended from different parts of Kashmir.
Further investigation is ongoing to trace the complete money trail, and process to attach properties of the accused persons has been initiated.
The police have also issued a advisory to the public, warning them not to fall prey to such websites promising unrealistic returns and not to rent out their bank accounts for small monetary gains. Aggrieved persons have been urged to lodge complaints on the portal www.cybercrime.gov.in or on the toll-free number 1930. (KNS)
