Financial Scandal Unfolds in Kashmir Valley: Investors Allege Massive Fraud by Private Firm Worth Rs 59 Crores

Srinagar, 19-12-2023 : A significant financial scam, amounting to Rs 59 crores, has come to light in the Kashmir Valley as investors claim to have fallen victim to a private company’s fraudulent activities in the region. In Srinagar, a group of investors staged a protest, alleging that the private investment firm had deceived them, causing substantial financial losses. The investors were initially attracted by promises of doubling their investments within 15 days. However, after an initial period of receiving returns, the firm ceased communication, leading to suspicions. Victims, including a protester who invested Rs 5 lakh, expressed frustration and accused the company of fraudulent practices. The scam, reportedly orchestrated by the private firm based in the Valley, involved duping numerous individuals, resulting in losses amounting to crores.

A social media influencer had endorsed the firm, further convincing investors. Local employees, unaware of the firm’s legitimacy, also claimed to have fallen victim to the fraudulent scheme. They were instructed by administrators, sometimes based in Chennai and occasionally in Srinagar, to encourage customers and investors to invest money with promises of doubling returns in 15 days. Initially, the promised returns were deposited into bank accounts, leading employees to invest their salaries as well. However, both investors and employees eventually discovered they had been duped of their money and employment. Authorities have registered a case against the private firm based on complaints, and investigations are underway to bring those responsible to justice.