Major scam surfaces in Kashmir, investors ‘duped’ of crores by private firm

Srinagar : A major scam involving financial fraud worth Rs 59 crores has surfaced in Kashmir Valley after investors alleged that they were duped of their hard earned money by a private company based in the Valley.
Some investors on Tuesday held a protest in Srinagar, alleging therein that they were duped by a private investment firm of their hard earned money.
“We were lured to invest money in the company stating that the money you invest will get doubled within 15 days. This prompted us to invest money in the firm and in the first few months they received the money as promised, however, after sometime they didn’t get any response from the firm, which created doubt in their minds,” said one of the protesters.
She said that she along with her other family members invested around Rs 5 lakh in the firm and they were motivated by a social media influencer after he had posted some videos on his YouTube channel, claiming the firm was authentic and he himself has invested his money in the same firm.
“A few days ago we tried to contact the firm and its employees, but we have not been getting any response. We have now been duped of our hard earned money. This company is a fraud as it cheated many people here and duped them of crores,” she added.
Meanwhile, local employees who were working in the firm and were directly dealing with the customers or investors claimed that they have themselves been duped of their money as they were not aware of the firm’s credentials.
“We would be asked by administrators of the firm, who are based in Chennai and would sometimes stay in Srinagar also, to ask customers and investors to invest their money based on some plans and their money would be doubled in 15 days,” said one of the employees of the firm.
He said that initially the doubled amount was credited in the bank accounts of customers or investors and they themselves (employees) also started to invest their salaries in the firm, however, they have also been duped of the money as well as of their employment.
A top Police officer said that a case has been registered on the basis of complaints against the private firm, saying that the cognisance has been taken in this regard. “We are investigating the matter and those involved will be bright to justice,” he said