J&K crime branch files charge sheet against 4 in online financial fraud case

Srinagar, Aug 8 (IANS) The Economic Offences Wing of the Jammu and Kashmir crime branch has charge-sheeted four accused in the multi-crore online financial fraud case in Ganderbal district.

A statement issued on Friday by the Economic Offences Wing (Crime Branch Kashmir) said that after investigation a preliminary charge sheet in Case FIR No. 28/2025 under Sections 318(4), 316(5) read with 61(2) of the Bharatiya Nyaya Sanhita (BNS), 2023, of Police Station Kangan (transferred to Economic Offences Wing) was submitted before the Court of Judicial Magistrate 1st Class, Kangan, Ganderbal district.

“The case originated from a complaint, wherein it was alleged that one Shahnawaz Ahmad Shah, son of Gh. Nabi Shah, a resident of Rather Mohalla Kangan working as a Probationary Officer in J&K Bank, Branch Kangan, approached him with a fraudulent investment proposal. The complainant was lured into investing in a financial scheme promising lucrative returns through online trading," said police.

Following the registration of the case, the matter was transferred to the Crime Branch Kashmir for in-depth investigation.

During the course of the investigation, it came to light that the accused individuals, Shahnawaz Ahmad Shah, Gh. Nabi Shah, Rumaisa Jan (daughter of Gh. Nabi Shah), all residents of Rather Mohalla, Kangan, and Amir Bashir Magray (a resident of Bonizal Haripora Kangan, District Ganderbal), in connivance with one another, hatched a criminal conspiracy and cheated hundreds of innocent people to the tune of more than Rs 53 crore through fraudulent and dishonest means, under the pretext of online financial trading schemes.

The case was investigated, and later four accused were arrested.

“Accordingly, a preliminary charge sheet in the matter has been submitted before the Court of Law for judicial determination. Pertinent to mention here that four accused individuals have already been arrested in the matter,” the press statement said.

It must be mentioned that the group was involved in luring many locals of the district in the name of online financial investment schemes that would yield huge returns. It is believed that the funds so fraudulently amassed were deposited in bank accounts, invested in the purchase of land and building multi-storey complexes by the fraudsters.

--IANS

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