Cyber Police Kashmir raided five places in Kashmir on Wednesday in connection with a “money-doubling scam” involving an alleged fake company that has scammed people in the area, reports said today.
A news source called KDC said that a group of cybercops and a judge had blocked off the office of the supposedly fake company in Srinagar’s Karan Nagar neighborhood.
He also said that today, teams of cyber police raided five places linked to the scam involving crores of rupees in financial fraud and took electronic devices and papers during searches. The exact amount that people across the valley spent is still being looked into.
“A reliable source has told us that one fake company has scammed and cheated people by falsely promising them huge returns on their investments,” the report said, citing the police report.
More information shows that members, mostly students and women, were ripped off by the company after they convinced them to put their hard-earned money into it with false claims of returns.
It has also come to light that the company has left its customers in the dark after lying and cheating them. It has also been found out that the company stopped responding all of a sudden, which has caused chaos, pain, and protests.
After getting this information, it looks like a crime under Sections 66D of the IT Act and 420 of the IPC has been committed. As a result, case FIR No. 39/2023 U/S 66D IT Act, 420 IPC, was filed at this police station, and the case was given to an inspector-rank officer to look into.
In a protest against the company on Tuesday, the “investors” asked the cops to get their money back, which brought the scam to the public’s attention.
People who were protesting said they put money into the company because they were told it would double in 15 days. They said, “In the first few months, we got the money as promised. But then we didn’t hear from the company for a while, which made us doubt them.”
