Two held in Srinagar for duping investor with fake deposit schemes: Crime Branch

Srinagar: Crime Branch Kashmir on Wednesday said that its The Economic Offences Wing arrested two persons for cheating a complainant on the pretext of investment in various deposit schemes.

The accused are Majid Nazir Najar, son of Nazir Ahmad Najar, a resident of Batamaloo Near Mehboob Public School Srinagar and Mubarak Ahmad Rather, son of Nissar Ahmad Rather, a resident of Gulshan Nagar, Gulposh Colony.

In a statement, the CBK said that the accused persons had promised high returns on investment in Adarsh Cooperative Society, SBI Life insurance and HDFC Insurance companies and provided the complainant with deposit certificates.

However, during verification, the certificates were found to be fake and forged. The accused persons projected themselves as authorised representatives and agents working with various financial institutions and lured complainant to make investments in various deposit schemes.

A case was registered under relevant sections of law, and during the course of investigation, evidence confirmed the involvement of the accused. Both individuals were taken into custody and are being questioned further.

Crime Branch Kashmir continues its efforts to investigate economic crimes and bring fraudsters to justice. The general public is advised to stay cautious and verify credentials before making any financial investments, reads the statement.