A significant financial scandal has come to light in Kashmir, as investors claim they have been duped of crores by a local private firm. The Cyber Police Kashmir has initiated an investigation following numerous complaints received regarding the alleged fraudulent activities.
Protesters gathered in Srinagar to express their grievances, asserting that they were lured into investing substantial amounts with promises of doubling their money within 15 days by the said private investment firm.
One protester shared, “We were enticed to invest money in the company with promises of doubling our investment within 15 days. Initially, the firm delivered on its promises, but after some time, communication ceased, raising suspicions.”
The investor disclosed that she and her family invested around Rs 5 lakh in the firm, influenced by a social media influencer who vouched for the company’s authenticity through videos on his YouTube channel.
“Recently, attempts to contact the firm and its employees have gone unanswered. We have fallen victim to this fraudulent company, losing our hard-earned money. The company has deceived many people, swindling them of crores,” she added.
Simultaneously, local employees, unaware of the firm’s questionable credentials, claimed they too were defrauded of their money. Directed by administrators based in Chennai and occasionally in Srinagar, employees urged customers and investors to participate in investment plans promising a doubling of their money within 15 days.
“In the beginning, the promised doubled amounts were credited to customers’ bank accounts, leading employees to invest their salaries in the firm. Unfortunately, they too have become victims of both monetary loss and job termination,” revealed a firm employee.