Srinagar, Nov 11 — The Economic Offences Wing (EOW) of the Crime Branch Kashmir has arrested a Srinagar-based businessman in connection with a cheating case worth over ₹4 crore involving fraudulent gold transactions, officials said on Tuesday.
The accused, identified as Mudasir Ahmad Wani, a resident of Badamwari, Hawal, was arrested under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS). The case was initially registered at Police Station Karan Nagar and later transferred to the Crime Branch for detailed investigation.
According to officials, the complaint was lodged by a local trader associated with M/S Bullion Vault, who alleged that Wani, along with his partner Omar Khan, operating gold outlets under the names M/S Gold Hub and M/S The Gold Hub near Magarmal Bagh crossing, received substantial advance payments for gold supplies but failed to deliver the goods or refund the money.
During the investigation, the EOW gathered documentary evidence confirming that the accused had cheated the complainant of ₹4.24 crore.
Officials said the accused was arrested following the establishment of his role in the fraud. Further investigations are underway to identify additional persons involved in the offence and trace the defrauded funds.