Srinagar businessman arrested in Rs 4.24 crore gold trade fraud: CBK

Srinagar, Nov 11: The Economic Offences Wing (EOW) of the Crime Branch Kashmir has arrested a Srinagar-based businessman, Mudasir Ahmad Wani, in connection with a ₹4.24 crore cheating case related to a gold trading scam.

According to officials, Wani, son of Ghulam Ahmad Wani and a resident of Badamwari, Hawal, was arrested in connection with FIR No. 22/2024, initially registered under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) at Police Station Karan Nagar. The case was later transferred to the EOW for detailed investigation.

The case stemmed from a complaint filed by a local businessman engaged in gold trading under M/S Bullion Vault, who alleged that Wani and his partner, Omar Khan, cheated him after receiving large advance payments for the supply of gold but failing to deliver the promised goods or refund the amount.

Police said the accused operated gold outlets under the names M/S Gold Hub and M/S The Gold Hub, located at Sallar Shopping Complex, Saria Payeen, near Magarmal Bagh Crossing, Srinagar.
“During the investigation, documentary evidence corroborated the complainant’s claims and established that the accused had cheated the complainant of ₹4.24 crore,” the Crime Branch said in a statement.

Following the findings, Mudasir Ahmad Wani was taken into custody, and further investigation is underway to trace the flow of funds and identify other possible accomplices in the fraud.

Officials added that the EOW is probing whether the accused was involved in similar cheating cases or had defrauded other individuals under the guise of gold trading deals.