India News | J&K Police Raids 5 Locations in Srinagar in Multi-crore Investment Fraud
Get latest articles and stories on India at LatestLY. The Jammu and Kashmir Police has carried out raids at five locations in Srinagar as part of a probe into a multi-crore investment fraud, officials said on Wednesday.
Srinagar, Dec 20 (PTI) The Jammu and Kashmir Police has carried out raids at five locations in Srinagar as part of a probe into a multi-crore investment fraud, officials said on Wednesday.
Electronic gadgets and documents were seized during the raids by the cyber wing of the Jammu and Kashmir Police on Saturday night, they said.
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Inspired by the Hindi film 'Phir Hera Pheri', the fraudsters set up a company named 'Curative Survey' in the Karan Nagar area and duped several people of at least Rs 59 crore under the pretext of doubling their investment within two weeks, officials said.
The officials, however, said the amount might increase as the investigation is still in progress.
Initially, the company made good on its promise which brought in more investors and the scheme was promoted by at least two local YouTubers adding to its popularity.
Soon after, the owners of the company disappeared, officials said, adding that they found the Karan Nagar office locked.
One of the YouTubers, Idris Mir, said he could not be held responsible for the fraud as he had featured the company on his channel as a paid promotion.
"It was not only me who did it. There are others as well. We have our own checks to see whether the company is a legal entity. Only then we promote the company. This company was in operation for nearly one year with branches in Jammu, Srinagar, Patton, and Sangrama. What was happening during all this time?" he asked.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)