Ganderbal, Feb 16: Jammu and Kashmir, police have unearthed a massive transnational online investment scam involving over Rs 209 crore, with a Haryana-based MBBS doctor identified as the alleged kingpin among nine persons arrested so far.
Police successful cracked a transnational multi-crore online investment scam operating through phishing and fake trading platforms.
The case was registered at Police Station Ganderbal following a complaint by a citizen of Safapora, Ganderbal. Accordingly, FIR No. 08/2026 under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the IT Act was lodged to investigate allegations of identity theft and online cheating by a network of cyber fraudsters.
Senior Superintendent of Police Ganderbal, Khalil Ahmad Poswal, constituted a Special Investigation Team, comprising subject matter experts, to probe the case.
During the investigation, police uncovered several fake online investment websites, including paisavault.com, which lured victims through social media and search engines with promises of high returns on coin trading.
Once victims invested money on these fraudulent platforms, the funds were diverted into local bank accounts belonging to individuals from Budgam, Srinagar, Ganderbal, Baramulla, and other areas.
These accounts were controlled by fraudsters who swiftly transferred the funds outside Jammu and Kashmir through multiple layers of transactions, including transfers beyond national borders, to obscure the money trail and evade detection.
Police investigations identified the alleged kingpin as Ekant Yogdutt, a resident of Hisar, Haryana. He reportedly acquired expertise in such cyber fraud techniques during his MBBS studies in the Philippines and maintained links with Chinese Nationals.
The accused allegedly collaborated with local operatives from Kashmir, who acted as regional heads and account mobilizers. They targeted below poverty line (BPL) account holders, persuading them to hand over their bank accounts and ATM cards in exchange for Rs 8,000–10,000 per month.
Investigations also revealed the involvement of certain bank employees who allegedly facilitated the operation by providing QR codes linked to these accounts, which were then uploaded on fake investment websites.
The fraudsters operated Telegram channels and groups to circulate fresh QR codes. Whenever cyber units across the country froze accounts following complaints, the accused would immediately activate new accounts and upload new QR codes to continue the scam. So far, police have collected details of 835 bank accounts and verified transactions in 290 of them, revealing deposits amounting to Rs 209 crore from investors across India.
The main accused, Ekant Yogdutt was arrested by Ganderbal Police at Delhi International Airport upon his return from China. Additionally, eight other accused persons from various parts of Kashmir have been arrested.
Further investigation is underway to trace the full money trail and initiate attachment of properties belonging to the accused.
Police have urged the public to remain vigilant against fake investment websites promising unrealistic returns and warned citizens against renting out their bank accounts for monetary gain.
Victims can lodge complaints through the official cybercrime portal at cybercrime.gov.in or contact the toll-free helpline number 1039.( KNS)
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