SRINAGAR, February 16: In a major breakthrough, Ganderbal Police have dismantled a large scale transnational online investment scam involving fake trading platforms and phishing websites, with verified fraud transactions amounting to Rs 209 crore so far. Investigators believe the total financial magnitude of the scam could rise significantly, potentially crossing Rs 400 crore as verification of accounts continues.
Senior Superintendent of Police Ganderbal, Khalil Ahmad Poswal, while addressing a press conference, said that nine persons have been arrested in connection with the case, including a Haryana based MBBS doctor alleged to be the mastermind. The case came to light following a complaint lodged by Firdous Ahmad Mir of Safapora, who reported being defrauded through an online investment scheme.
Based on the complaint, Police Station Ganderbal registered FIR No. 08/2026 under multiple sections of the Bharatiya Nyaya Sanhita and Section 66 C of the Information Technology Act, which deals with identity theft and cyber fraud by organized networks. A Special Investigation Team supported by technical experts was constituted to probe the matter.
Preliminary investigations revealed that fake investment websites, including paisavault.com, were promoted through social media platforms and search engines. These platforms lured unsuspecting investors with promises of unusually high returns through coin trading and digital investment schemes. Once individuals began investing, their funds were allegedly routed into multiple bank accounts operated by local associates in districts including Budgam, Srinagar, Ganderbal, and Baramulla.
Police stated that the money was quickly transferred through layered transactions to accounts outside Jammu and Kashmir and, in some cases, beyond national borders to evade detection. Authorities have identified the alleged kingpin as Ekant Yogdutt, also known as Dr Morphine, a resident of Hisar in Haryana. Investigators claim he acquired technical expertise while pursuing his medical studies in the Philippines and developed links with foreign nationals, including individuals in China.
According to police, Yogdutt worked with a network of local operatives who acted as regional coordinators and account mobilizers. These individuals allegedly approached persons from economically weaker sections and persuaded them to hand over their bank accounts and ATM cards in exchange for monthly payments ranging from Rs 8,000 to Rs 10,000.
The investigation has also pointed towards the possible involvement of certain bank officials who allegedly provided QR codes linked to these accounts. These QR codes were uploaded on the fraudulent platforms and circulated through Telegram channels managed by the accused. Whenever cybercrime units across the country froze suspect accounts, fresh QR codes were generated and uploaded to continue the scam.
So far, police have traced details of 835 bank accounts and verified transactions in 290 of them, amounting to Rs 209 crore collected from investors across India. Ekant Yogdutt was apprehended at Indira Gandhi International Airport in Delhi while returning from China. The remaining accused were arrested from various locations across Kashmir.
Police have initiated further investigations to trace the complete money trail and are exploring legal measures to attach properties acquired through the alleged proceeds of crime. Authorities have cautioned the public against investing in online platforms that promise unrealistic returns and advised citizens not to rent out bank accounts for financial gain.
Victims of cyber fraud have been encouraged to report complaints through the National Cyber Crime Reporting Portal or by contacting the toll free helpline number 1930.