Crime Branch Chargesheets Four in Rs 53 Crore Online Fraud Case

SRINAGAR: The Economic Offences Wing of Crime Branch Kashmir has filed a preliminary chargesheet against four individuals in connection with an alleged Rs 53 crore online financial fraud, officials said on Friday. The chargesheet was submitted before the Court of Judicial Magistrate First Class, Kangan.

According to a statement issued by the Crime Branch, the case, originally registered as FIR No. 28/2025 under Sections 318(4), 316(5) read with 61(2) of the Bharatiya Nyaya Sanhita (BNS), 2023, was initially lodged at Police Station Kangan and later transferred to the Economic Offences Wing for further investigation.

The case stemmed from a complaint alleging that Shahnawaz Ahmad Shah, a probationary officer at Jammu and Kashmir Bank’s Kangan branch, had approached the complainant with a fraudulent investment scheme promising high returns through online trading. The complainant was subsequently lured into investing in the scam.

Investigations revealed that Shahnawaz Ahmad Shah, his father Gh. Nabi Shah, sister Rumaisa Jan — all residents of Rather Mohalla, Kangan — and an associate, Amir Bashir Magray of Bonizal Haripora, Ganderbal, had allegedly conspired to defraud hundreds of people. Together, they are accused of siphoning off over Rs 53 crore through deceptive online financial trading schemes.

Crime Branch officials stated that the conspiracy was orchestrated in a calculated manner, using dishonest methods to exploit the trust of investors. The agency confirmed that the four accused have already been arrested.

The chargesheet has now been placed before the court for judicial consideration, and further legal proceedings are underway.