J&K Police bust multi-crore online scam; 9 arrested in Ganderbal

J&K Police busted a multi-crore online investment scam in Ganderbal, arresting nine. The transnational nexus, led by a handler with Chinese links, used BPL accounts to launder funds. The scam is estimated to be over Rs 400 crore.

Jammu and Kashmir Police has busted a "transnational multi-crore online investment scam" and arrested nine accused. Based upon the complaint lodged by Firdous Ahmad Mir, a resident of Safapora Ganderbal, FIR was registered at Ganderbal Police Station to investigate the allegations of identity theft and cheating by a gang of online fraudsters. SSP Ganderbal Khalil Ahmad Poswal constituted a Special Investigation Team (SIT) and associated subject matter experts as part of the team, according to a release by J-K Police.

How the Scam Operated

Strenuous efforts of the Police in terms of collection of evidences by way of arrest of suspects, house searches, record from banks and other departments revealed that there are online investment websites on social media "which by way of allurement deceive/cheat the general public".

"Once the victims start investing into the fake platform of coins trading, their amount is diverted into local bank accounts of persons hailing from Budgam, Srinagar, Ganderbal, Baramulla and multiple other places," the police said.

The police said such accounts were under the control of fraudsters who immediately transferred the invested amount into other accounts outside Jammu and Kashmir by way of multiple layering and even outside the country so as to prevent the detection of the trail of money.

The Nexus: Mastermind and Local Operatives

The release said that the main handler of the entire nexus has been identified as Ekant Yogdutt, alias Dr Morphine, a resident of Haryana, "who learnt these techniques while doing an MBBS degree in the Philippines and has multiple links with Chinese nationals".

The main team leader conspired with some local mischievous elements, who worked as regional heads and account mobilizers, the police said.

Police said that these local-level fraudsters approached below poverty line (BPL) account holders for providing their accounts and ATM cards with the promise to provide Rs 8000-10000 per month. Involvement of Bank employees also emerged, who are involved in providing QR codes of accounts, which are uploaded on fake websites, the release said.

"These fraudsters have established Telegram channels and groups where they regularly upload new QR codes. Once heavy transactions occur in such accounts, upon receipt of a complaint, the cyber units across the country freeze such accounts, but the fraudsters promptly upload new QR codes," the release said.

Massive Financial Fraud Uncovered

Police said they have collected details of 835 accounts and verified transactions of 290 accounts, wherein Rs 209 crore have been received from various investors across India, and upon complete verification, the amount is likely to cross Rs 400 crore.

Key Arrests Made

"The main accused, Ekant Yogdutt, was arrested by Ganderbal Police at Delhi airport while he was returning from China. The other eight accused from various parts of the Kashmir region. Further investigation is being conducted to trace the trail of money and to attach the property of the accused persons, the release said.

Police Caution Public

Police have warned the general public not to fall prey to the fake websites that promise heavy returns, and also not to rent out their bank accounts to any individual in exchange for meagre monetary consideration.

The victims/aggrieved persons can lodge their complaint on the portal on cybercrime.gov.in and tollfree Number 1039. (ANI)

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)