Four Accused, Including J&K Bank PO and Family Members, Charge sheeted in ₹53 Crore Online Fraud in Ganderbal
Srinagar, Aug 8: In a significant development, the Economic Offences Wing (EoW) of Jammu and Kashmir Police has filed a preliminary chargesheet against four individuals—among them a probationary officer of Jammu & Kashmir Bank, his father, and his sister in connection with a multi-crore online financial scam that rocked the Ganderbal district earlier this year.
The accused, identified as Shahnawaz Ahmad Shah, a probationary officer posted at the Kangan branch of J&K Bank; his father, Ghulam Nabi Shah; his sister, Rumaisa Jan, all residents of Rather Mohalla, Kangan; and their associate, Amir Bashir Magray of Bonizal Haripora, Kangan, are now facing legal proceedings for their alleged involvement in orchestrating a well-planned online investment fraud that defrauded scores of unsuspecting investors of over ₹53 crore.
The case, initially registered at Police Station Kangan under Sections 318(4) and 316(5) read with 61(2) of the Bharatiya Nyaya Sanhita (BNS), 2023, was subsequently transferred to the Economic Offences Wing for comprehensive investigation owing to the magnitude and complexity of the fraud. An EoW spokesperson confirmed that all four accused have already been taken into custody.
According to the reports, the probe was triggered by a complaint filed by a local resident who alleged that he was duped into investing in a fraudulent financial scheme. The complainant stated that Shahnawaz Ahmad Shah, leveraging his position as a bank officer, had approached him with what appeared to be a highly lucrative online trading investment opportunity. Persuaded by Shah’s credentials and the promise of handsome returns, the complainant made substantial investments only to later discover the scheme was a sham.
As the investigation unfolded, it revealed a deeply entrenched conspiracy where the accused allegedly used sophisticated online platforms and digital payment systems to create the illusion of legitimate investment operations. They collectively lured hundreds of people—mainly from Kangan and adjoining areas—into depositing large sums of money in the name of high-yield online trading ventures. However, the schemes turned out to be fraudulent, and investors saw no returns.
The EoW’s preliminary chargesheet, now filed before the competent court, outlines the modus operandi of the accused and their joint role in executing the scam. Authorities believe this group not only capitalized on public trust but also exploited the credibility associated with the banking sector to amplify the fraud’s reach.
Officials from the EoW reiterated their commitment to pursuing the case to its logical conclusion, ensuring that justice is served and those responsible are held fully accountable. They also urged the public to remain vigilant and avoid falling prey to unregulated and suspicious financial schemes promising unrealistic returns.
The case has sparked fresh concerns over the growing menace of cyber-enabled financial frauds and the urgent need for enhanced digital financial literacy and regulatory oversight, especially in rural and semi-urban areas of Jammu and Kashmir. As investigations continue, authorities are also probing whether other accomplices or linkages beyond the region are involved.
