SRINAGAR: In a major breakthrough, the Jammu and Kashmir police have unearthed a massive transnational online investment scam involving more than ₹209 crore, with investigations indicating that the total amount could exceed ₹400 crore upon full verification.
The case came to light following a complaint lodged by a resident of Safapora in Ganderbal district, after being cheated through an online investment platform. Acting on the complaint, Police Station Ganderbal registered FIR No. 08/2026 under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act, citing allegations of identity theft and online cheating.
Recognising the seriousness of the offence, Senior Superintendent of Police (SSP) Ganderbal, Khalil Ahmad Poswal, constituted a Special Investigation Team (SIT) comprising subject‑matter experts to probe the fraud. During the investigation, police discovered a network of fake online investment websites, including paisavault.com, which were aggressively promoted through social media platforms and search engines. These sites falsely promised lucrative returns on coin and online trading, convincing victims from across India to invest substantial sums of money.
As per the investigations, once funds were deposited, the money was routed into numerous local bank accounts belonging to individuals from districts such as Budgam, Srinagar, Ganderbal, Baramulla, and other parts of J&K. These accounts were then used as transit points, with funds rapidly transferred through multiple layers of transactions and eventually moved outside the Union Territory and even beyond national borders. “This layered movement of money was deliberately designed to obscure the financial trail and evade detection by cybercrime monitoring units,” the investigators said.
Poswal identified the alleged kingpin of the scam as Ekant Yogdutt, also known by the alias “Dr. Morphine,” a resident of Hisar, Haryana. According to police findings, he acquired expertise in cyber fraud techniques during his MBBS studies in the Philippines and maintained links with Chinese nationals. He allegedly coordinated the operation at a national and international level, while collaborating with local operatives in Kashmir who functioned as regional heads and account mobilisers.
The local operatives reportedly targetted below‑poverty‑line (BPL) account holders, persuading them to hand over their bank accounts, ATM cards, and credentials in exchange for monthly payments ranging from ₹8,000 to ₹10,000, he said. The investigation also revealed the alleged involvement of certain bank employees who facilitated the operation by providing QR codes linked to these accounts. These QR codes were uploaded onto fake investment websites, enabling seamless collection of funds from victims.
To maintain continuity of the scam, the fraudsters used Telegram channels and groups to circulate fresh QR codes, the investigations revealed. “Whenever cybercrime units across the country froze suspicious accounts following complaints, the accused would quickly activate new accounts and upload replacement QR codes, allowing the fraudulent operation to continue without interruption,” the officer said.
So far, police have collected details of 835 bank accounts and verified transactions in 290 of them, revealing deposits totaling ₹209 crore from investors nationwide. The main accused, Ekant Yogdutt alias “Dr. Morphine,” was arrested by Ganderbal Police at Delhi International Airport upon his return from China. In addition, eight other accused persons from various parts of Kashmir have been arrested. Further investigation is underway to trace the complete money trail, identify additional beneficiaries, and initiate attachment of properties belonging to the accused under applicable laws, Poswal said.
J&K Police have reiterated that cyber fraud schemes thrive on public unawareness and greed for unrealistic returns. Citizens have been strongly advised to avoid investing in unverified online platforms and to never rent out or share their bank accounts for monetary gain. “Victims of cybercrime have been urged to report incidents promptly through the official cybercrime portal at cybercrime.gov.in or by contacting the national toll‑free helpline number 1039, enabling faster intervention and recovery efforts,” a police spokesman said.
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