Cyber Police Kashmir conducts raids in money-doubling scam

Srinagar, Dec 20: Cyber Police Kashmir on Wednesday carried out raids at five locations in Kashmir in connection with a "money doubling scam" involving an alleged bogus company which has scammed the local residents, reports said today.

Quoting a police official, newsgathering agency KDC reported that a team of cyber police along with a magistrate has sealed the office of the alleged bogus company located in Karan Nagar locality of Srinagar city.

Today, teams of Cyber police conducted raids at five locations related to the scam involving financial fraud worth crores and seized electronic gadgets and documents during searches, he said, adding that the exact amount which people had invested across the valley is still under investigation.

It has been reliably learnt that one bogus company has scammed and cheated gullible public by falsely promising them of huge returns on their investments," the report quoted from the FIR registered by the police.

The information has further revealed that subscribers which mostly include students and housewives have been cheated by the said company after making them to invest their hard earned money against the fake and false promises of returns.

It has been further revealed that after misrepresenting and cheating the said company has left the subscribers in dark. It has also been revealed that the said company has suddenly turned unresponsive which has led to chaos, anguish and protests.

On receipt of this information commission of offence U/S 66D IT Act & 420 IPC is prima facie made out. Accordingly, case FIR No. 39/2023 U/s 66D IT Act, 420 IPC Stands registered in this Police Station and investigation of the case was entrusted to Inspector rank officer, reads the FIR copy.

The scam came to the fore on Tuesday after the "investors" staged a protest against the company and appealed to police to get their hard earned money back.

The protestors said that they were lured to invest in the company as they were promised that the money will get doubled within 15 days. “In the first few months we received the money as promised,” they said, adding that “after sometime we didn’t get any response from the firm, which created doubt in our minds.”