Rs 60 crore financial fraud surfaces in J&K; 50,000 investors duped

| Updated: 20 December, 2023 1:21 pm IST

SRINAGAR: A financial scam involving Rs 60 crores has surfaced in the Kashmir valley. The scam has allegedly been committed by an organisation called “Curative Survey Agency”.

Investors have alleged that they were duped of their hard-earned money by a private company based in the Valley. Some investors held a protest in Srinagar, alleging that a private investment firm duped them for their hard-earned money.

“We were lured to invest money in the company stating that the money you invest will double within 15 days. This prompted us to invest money in the firm and the first few months they received the money as promised, however, after some time they didn’t get any response from the firm, which created doubt in their minds,” said one of the protesters.

She said that she and her other family members invested around Rs 5 lakh in the firm. They were motivated by a social media influencer after posting some videos on his YouTube channel, claiming the firm was authentic. He has invested his money in the same firm.

“A few days ago we tried to contact the firm and its employees, but we have not been getting any response. We have now been duped of our hard-earned money. This company is a fraud as it cheated many people here and duped them of crores,” she added.

Meanwhile, local employees who were working in the firm and were directly dealing with the customers or investors claimed that they had been duped of their money as they were not aware of the firm’s credentials.

“We would be asked by administrators of the firm, who are based in Chennai and would sometimes stay in Srinagar also, to ask customers and investors to invest their money based on some plans and their money would be doubled in 15 days,” said one of the employees of the firm.

He said that initially the doubled amount was credited to the bank accounts of customers or investors and they (employees) also started to invest their salaries in the firm, however, they have also been duped of the money as well as of their employment.

A senior official of the Cyber Police Kashmir told The New Indian that “ A case has been registered under Section 66D of the IT act and 429 IPC based on complaints against the private firm at Cyber Police Station Srinagar. We are investigating the matter and those involved will be brought to justice.”

He said, “Investigations have revealed that the Curative Survey Agency has lured investors by promising to double their investments within 15 days. However, the agency was found to be diverting funds through complex schemes and deceived local people as well as their employees”.

The Curative Survey agency used local influencers to promote its promises. The influencers who promoted the company have claimed to have verified all the necessary documents such as GST numbers, Aadhar and PAN details of the handlers of the firm before creating promotional videos. They received a fixed fee for promotional videos.

As per reports, approximately 50,000 people in Jammu and Kashmir have invested in this company, with some even selling their properties and jewellery to invest their hard-earned money.

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