Srinagar, Dec 19: In a startling revelation, a major financial scam has unfolded in the Kashmir Valley, as investors allege they were swindled of their hard-earned money by a private company operating in the Valley.
The shocking incident came to light on Tuesday when a group of disgruntled investors gathered for a protest in Srinagar, claiming they fell victim to the promises of a private investment firm.
According to protesters, they were enticed by the firm’s assurance that their investments would double within a mere 15 days. Initially, the company delivered on its promises, but as time passed, communication from the firm dwindled, raising suspicions among investors.
Iftikar Talib, SSP Cyber Crime Srinagar, confirmed the registration of an FIR against the firm and initiated an investigation into the alleged financial fraud. He cautioned the public, highlighting the need to thoroughly vet companies before investing, asserting that no legitimate company in the world could double money in such a short span.
The officer also stated that so far in the ensuing year, around 2 crore rupees have been saved by cyber police from the fraudsters, and around 500 mobile phones were recovered.
The scam, amounting to crores, has not only affected individual investors but has also exposed the vulnerabilities of social media influence. A protester revealed that she, along with her family, invested Rs 5 lakh in the firm, influenced by a social media influencer who vouched for the company on his YouTube channel.
Surprisingly, even employees working directly with customers and investors found themselves duped, unaware of the firm’s legitimacy. These local employees, acting on instructions from administrators based in Chennai, were responsible for persuading others to invest based on enticing plans promising a doubling of funds in just 15 days.
Initially, the firm credited doubled amounts to the bank accounts of investors, creating a false sense of security. However, both customers and employees eventually discovered the fraudulent nature of the operation, losing not only their hard-earned money but also their employment.
