The shady firm under the banner of Curative Survey had set up offices in several districts
Thousands of people have been duped by a shady online investment firm in connivance with social media influencers in Jammu and Kashmir. The promoters have disappeared after the multi-crore scam surfaced.
Police have conducted multiple raids to arrest the fraudsters following protests by distraught people. Officials said numerous people were lured to invest with a promise of doubling their money within 15 days. Two social media influencers from Jammu region and Baramulla appear to have played a key role, making people believe that they are investing at the right place with bumper returns.
In their video message, the duo with a large social media following endorsed a shady firm, asking people to grab the opportunity, invest and make lucrative returns.
Police sources said they are investigating the matter and will question everyone involved in the scam, and also those who enticed people to invest.
So far police have seized three accounts of an online entity with transactions over Rs 14 crore in last two months. Police said they are trying to determine the extent of the fraud as more people who have been duped are coming forward.
Top officials said investigation is going on and the culprits will not go unpunished.
"The police and security agencies are investigating, and technical inputs are being collected. I also appeal to people to remain cautious and not fall prey to such scammers who promise shortcuts to earn more money," said Vijay Kumar Bidhuri, divisional commissioner, Kashmir.
The shady firm under the banner of Curative Survey had set up offices in several districts including Jammu and Srinagar for the past one year. Locals who staged protests said they had put their hard-earned money with a hope that they are getting good returns.
In the initial months, the entity tried to win the trust of investors by giving them good returns. But as thousands invested in the firm, they started delaying and eventually disappeared from the scene.
Among the scam victims are many women who have lost their lifetime savings.