Ganderbal Police Bust Major Online Investment Scam; Haryana Doctor Among 9 Arrested

Sheikh Junaid

Ganderbal: In one of the largest cyber fraud crackdowns in the region, Ganderbal Police have dismantled a sophisticated online investment scam with verified transactions of ₹209 crore and suspected dealings that could exceed ₹400 crore. Nine accused, including the alleged mastermind from Haryana, have been arrested so far.

The case, as per officials, was registered at Police Station Ganderbal under FIR No. 08/2026 following a complaint by Firdous Ahmad Mir of Safapora, who alleged identity theft and financial cheating by an organized group of online fraudsters. “The FIR invokes provisions of the Bharatiya Nyaya Sanhita (BNS) and Section 66-C of the Information Technology Act.”

Senior Superintendent of Police (SSP) Ganderbal, Khalil Ahmad Poswal (JKPS), as per officials, constituted a Special Investigation Team (SIT), supported by subject matter experts, to probe the matter.

During investigation, police, as per officials, uncovered a network of fraudulent online investment platforms, including websites such as “paisavault.com,” aggressively promoted through social media and search engines. “The portals allegedly lured unsuspecting investors with promises of high returns through cryptocurrency and coin trading schemes.”

Once investments were made, funds, officials said, were routed into bank accounts operated by individuals from Budgam, Srinagar, Ganderbal, Baramulla and other districts. “The money was then swiftly transferred through multiple layers of transactions to accounts outside Jammu and Kashmir, and in some instances, outside India, in a bid to conceal the trail.”

“Police have identified 835 bank accounts linked to the network and verified transactions in 290 of them, amounting to ₹209 crore collected from investors across the country,” officials said.

They said that the total fraud amount is likely to surpass ₹400 crore after complete verification.

The alleged kingpin, officials said, has been identified as Ekant Yogdutt alias “Dr. Morphine,” a resident of Hisar, Haryana. “He reportedly acquired technical expertise in digital fraud during his MBBS studies in the Philippines and maintained foreign links, including with Chinese nationals.”

He, as per officials, was arrested by Ganderbal Police at the Indira Gandhi International Airport in Delhi while returning from China.

“Eight other accused were apprehended from various parts of Kashmir,” officials said adding investigators said the local operatives acted as regional coordinators and account mobilizers, recruiting economically vulnerable individuals, including Below Poverty Line (BPL) account holders. “The accused allegedly offered ₹8,000 to ₹10,000 per month in exchange for the use of their bank accounts and ATM cards.”

Police have also found indications of involvement of certain bank employees who allegedly facilitated the generation of QR codes for accounts that were uploaded onto fraudulent websites.

The syndicate, as per officials, reportedly operated Telegram channels and groups where fresh QR codes were regularly uploaded. “Whenever cybercrime units across India froze accounts following complaints, the gang would circulate new QR codes to continue the fraudulent operations.”

Further investigation, the official said, is underway to trace the complete money trail, identify additional beneficiaries, and initiate attachment of properties acquired through the proceeds of crime.

The district police Ganderbal have cautioned the public against falling prey to online platforms promising unusually high returns and warned citizens not to share or rent out their bank accounts for monetary incentives.

Victims have been in the meantime advised to register complaints on the National Cyber Crime Reporting Portal (cybercrime.gov.in) or contact the toll-free helpline number 1039.