Srinagar, Oct 27: The Special Crime Wing Kashmir on Tuesday said it had filed a charge-sheet against a Uttar Pradesh resident accused of duping 12 Kashmir residents of rupees 16.78 lakh through an alleged fraudulent investment scheme promising high returns.
In a statement, a spokesperson said the Crime Branch Kashmir (Special Crime Wing) had filed the charge-sheet before the Court of Chief Judicial Magistrate, Srinagar, in connection with FIR No. 18/2022 registered at Police Station SCW, Kashmir, against Sunil Singh, son of Arjun Singh, a resident of Pratap Vihar, Ghaziabad, Uttar Pradesh.
The accused faces alleged offences under Section 420 of the Indian Penal Code (IPC) and Section 5 read with Section 23 of the Banning of Unregulated Deposit Schemes Act, 2019.
He said the case originated from a complaint lodged by Abid Hussain Joo and 11 other Srinagar residents, who alleged that the accused had induced them to invest their hard-earned money in a purported Forex investment venture operating under the name “Tronix Power & Capital Investment Programme, Delhi,” promising substantial returns within a short period.
The accused allegedly lured the complainants with assurances of lucrative returns and subsequently cheated them, leading to the registration of the case, the spokesperson said.
He said the investigation revealed that a total of rupees 16,78,500 had been transferred by the complainants through banking channels into accounts linked to the accused.
The Reserve Bank of India (RBI) also conveyed that the investment programme was not registered with it. Following the completion of the investigation and collection of evidence, the charge-sheet was submitted before the competent court for judicial consideration and further proceedings in accordance with law.
The spokesperson said the Special Crime Wing Kashmir of Crime Branch J&K had advised the public to verify the credentials and regulatory status of investment schemes with the competent authorities before investing their money. People were also urged to promptly report suspected investment fraud to the concerned authorities.
