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Investors in Kashmir Reportedly Defrauded of Crores by Private Firm in Major Scam Unearthed

Major scam surfaces in Kashmir, investors allegedly duped of crores by private firm

Have received several complaints, matter being investigated: Cyber Police Kashmir

Srinagar, Dec 19 (KNO): A major scam involving financial fraud worth crores has surfed in the Kashmir Valley after investors alleged that they were duped of their hard earned money by some private company based in the Valley.

According to details available with the news agency—Kashmir News Observer (KNO) some investors today held a protest in Srinagar alleging that they were duped by a private investment firm of their hard earned money.

“We were lured to invest money in the company stating that the money you invest will get doubled within 15 days. This prompted us to invest money in the firm and in the first few months they received the money as promised, however, after sometime they didn’t get any response from the firm, which created doubt in their minds,” said one of the protestors.

She said that she along with her other family members invested around Rs 5 lakh in the firm and they were motivated by a social media influencer after he had posted some videos on his YouTube channel, claiming the the firm was authentic and he himself has invested his money in the same firm.

“A few days ago we tried to contact the firm and its employees, but we have not been getting any response. We have now been duped of our hard earned money. This company is fraud as it cheated many people here and duped them of crores,” she added.

Meanwhile, local employees who were working in the firm and were directly dealing with the customers or investors claimed that they have themselves been duped of their money as were not aware of firm’s credentials.

“We would be asked by administrators of the firm, who are based in Chennai and would sometimes stay in Srinagar also, to ask customers and investors to invest their money based on some plans and their money would be doubled in 15 days,” said one of the employees of the firm.

He said that initially the doubled amount was credited in the bank accounts of customers or investors and they themselves (employees) also started to invest their salaries in the firm, however, they have also been duped of the money as well as of their employment.

A senior officer of Cyber Police Kashmir told KNO that they have received some complaints against the firm and they taken cognisance of the same. “We are further investigating the matter and those involved will be bright to justice,” he said—(KNO)

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