Srinagar, October 27: The Special Crime Wing of Crime Branch Kashmir has filed a charge-sheet before the Court of the Chief Judicial Magistrate, Srinagar, against a Delhi-based investment programme’s alleged director for allegedly cheating 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 Crime Branch, 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 Promised High Returns
The case originated from a complaint filed by Abid Hussain Joo and 11 other Srinagar residents, who alleged that they were lured into investing 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 promised substantial returns within a short period, which persuaded them to invest in the programme.
During the preliminary enquiry, investigators found allegations that the complainants had been induced to invest on the assurance of lucrative returns and were subsequently cheated. The findings led to the registration of the FIR and a detailed investigation into the matter.
₹16.78 Lakh Transferred Through Banking Channels
The investigation revealed that a total of ₹16,78,500 had been transferred by the complainants through banking channels into bank accounts linked to the accused, the Crime Branch said.
The Reserve Bank of India (RBI) also informed the investigating agency that the investment programme in question was not registered with it.
After completing the investigation and examining the evidence collected, the Special Crime Wing submitted the charge-sheet before the competent court for judicial consideration and further proceedings in accordance with the law.
The allegations against the accused will be examined during the judicial process, and the case remains subject to the outcome of the court proceedings.
Public Advised to Verify Investment Schemes
Meanwhile, the Special Crime Wing Kashmir has urged the public to exercise caution before investing money in schemes promising unusually high returns within a short period.
The agency has 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.
