Special Crime Wing Kashmir Charges Delhi-Based Investment Programme’s Alleged Director; RBI Confirms Scheme Was Not Registered With It
Srinagar, October 27 (KNC): The Crime Branch Kashmir’s Special Crime Wing has filed a charge-sheet before the Court of the Chief Judicial Magistrate, Srinagar, against a man accused of allegedly duping 12 Kashmir residents of ₹16.78 lakh through a purported foreign exchange (Forex) investment scheme.
The accused, identified as Sunil Singh, son of Arjun Singh and a resident of Pratap Vihar, Ghaziabad, Uttar Pradesh, has been charge-sheeted in connection with FIR No. 18/2022 registered at Police Station Special Crime Wing (SCW), Kashmir.
According to the investigation, the accused faces allegations under Section 420 of the Indian Penal Code (IPC) and Sections 5 read with 23 of the Banning of Unregulated Deposit Schemes Act, 2019.
Complainants Allegedly Lured With Promises of High Returns
The case stems from a complaint filed by Abid Hussain Joo and 11 other residents of Srinagar, who alleged that they were persuaded to invest their hard-earned money in a purported Forex investment venture operating under the name “Tronix Power & Capital Investment Programme, Delhi.”
The complainants alleged that they were offered assurances of substantial returns within a short period, prompting them to invest their money in the scheme.
During the preliminary enquiry, investigators found allegations that the complainants had been induced to invest on the promise of lucrative returns and were subsequently cheated, leading to the registration of the FIR and a detailed investigation.
₹16.78 Lakh Transferred Through Banking Channels
The investigation revealed that a total amount of ₹16,78,500 had been transferred by the complainants through banking channels into bank accounts linked to the accused, according to the Crime Branch.
The Reserve Bank of India (RBI) also informed the investigating agency that the investment programme in question was not registered with it.
Following the completion of the investigation and examination of the evidence collected, the Special Crime Wing submitted the charge-sheet before the competent court for judicial consideration and further proceedings in accordance with law.
The allegations against the accused will be examined through the judicial process.
Public Advised to Verify Investment Schemes
Meanwhile, the Special Crime Wing Kashmir has urged people to exercise caution before investing their money in schemes promising unusually high or quick returns.
The agency advised prospective investors to verify the credentials of investment operators and check the regulatory status of investment schemes with the appropriate authorities before committing their savings.
Members of the public have also been encouraged to report suspected investment fraud to the concerned authorities promptly to help prevent further financial losses.(KNC)
