Crime Branch Kashmir cracks major online trading scam
Diplomat Correspondent
Srinagar, (DD)In a significant development, the Economic Offences Wing of the Crime Branch Kashmir has filed a preliminary chargesheet against four individuals involved in a multi-crore online financial fraud in central Kashmir’s Ganderbal district.
The chargesheet, filed before the Court of Judicial Magistrate 1st Class, Kangan, pertains to FIR No. 28/2025 under Sections 318(4), 316(5) read with 61(2) of the Bharatiya Nyaya Sanhita (BNS), 2023. The case, initially registered at Police Station Kangan, was later transferred to the Economic Offences Wing for specialised investigation.
According to officials, the case began with a complaint alleging that Shahnawaz Ahmad Shah, a resident of Rather Mohalla, Kangan, and a Probationary Officer at J&K Bank’s Kangan branch, had approached the complainant with a deceptive investment scheme. The victim was persuaded to invest in an online trading platform that promised exceptionally high returns.
Subsequent investigations revealed that Shahnawaz, along with three others—his father Gh. Nabi Shah, sister Rumaisa Jan, and associate Amir Bashir Magray of Bonizal Haripora, Kangan—were part of an organised racket. The accused allegedly conspired to cheat hundreds of people by luring them into a bogus financial scheme, resulting in losses amounting to over Rs 53 crore.
“All four individuals worked in close coordination and executed a criminal conspiracy by floating fake investment opportunities in online financial trading. Their operations defrauded a large number of unsuspecting investors,” said an official familiar with the investigation.
The Crime Branch has already arrested all four accused, and the chargesheet marks a key step in the judicial proceedings of what is being described as one of the biggest financial frauds in the region in recent years.
Further investigation into the case is ongoing(DD)