Major scam surfaces in Kashmir

1 min read
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In Srinagar, a notable scam has surfaced in Kashmir, allegedly involving a local private firm that has reportedly deceived investors of significant amounts. The Cyber Police in Kashmir has initiated an investigation following multiple complaints.

Investors gathered in protest in Srinagar, asserting that they had been duped out of their earnings by the aforementioned private investment firm.

According to one protester, they were lured into investing in the company with assurances of doubling their investment within a 15-day period. Initially, the firm fulfilled these promises, but subsequent unresponsiveness raised suspicions.

One investor disclosed that she and her family had invested around Rs 5 lakh in the company, influenced by a social media influencer who endorsed the firm’s credibility through videos on their YouTube channel.

“Recent attempts to communicate with the firm and its staff have gone unanswered. We have fallen prey to this deceitful company, losing our hard-earned money. The company has defrauded numerous individuals, resulting in crores lost,” she lamented.

Meanwhile, local employees, unaware of the firm’s authenticity, claimed they too had been swindled. Directed by administrators in Chennai and occasionally in Srinagar, employees encouraged customers and investors to engage in investment schemes promising a doubling of funds within 15 days.

“At the start, the promised doubled amounts were credited to customers’ bank accounts, prompting employees to invest their own salaries. Unfortunately, they have suffered both financial losses and job terminations,” a company employee disclosed.

A senior officer from the Cyber Police in Kashmir assured that they have received complaints against the firm and are actively investigating the situation. “Those found involved will face legal consequences,” he pledged.

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