Ganderbal, Feb 16, KDC: Ganderbal Police have unearthed a massive transnational online investment scam involving over ₹209 crore, with the alleged kingpin identified as Ekant Yogdutt alias “Dr. Morphine” among nine persons arrested so far.
Senior Superintendent of Police (SSP) Ganderbal, Khalil Ahmad Poswal, while addressing a press conference said “The case surfaced after a resident of Safapora, Ganderbal, filed a complaint at Police Station Ganderbal alleging that he had been duped through a fake online investment platform. Acting on the complaint, police registered FIR No. 08/2026 under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act, initiating a detailed probe into charges of identity theft and online cheating.”
He said that during the probe, police uncovered multiple fraudulent online investment websites, including paisavault.com, which lured victims through social media and search engine promotions by promising high returns on coin trading. Once investors deposited money, the funds were routed into local bank accounts belonging to individuals from Budgam, Srinagar, Ganderbal, Baramulla and other districts, he said.
These accounts were allegedly controlled by the fraudsters, who swiftly transferred the money outside Jammu and Kashmir through multiple layered transactions, including international transfers, to obscure the money trail and evade detection.
SSP said the alleged mastermind, Ekant Yogdutt alias “Dr. Morphine,” was arrested at Delhi International Airport upon his return from China. He reportedly gained expertise in cyber fraud techniques during his MBBS studies in the Philippines and maintained links with foreign nationals.
Investigations further revealed that the accused collaborated with local operatives in Kashmir who acted as regional heads and account mobilisers. They allegedly targeted Below Poverty Line (BPL) account holders, persuading them to hand over their bank accounts and ATM cards in exchange for ₹8,000 to ₹10,000 per month.
Police also found the involvement of certain bank employees who allegedly facilitated the operation by providing QR codes linked to these accounts. These QR codes were uploaded on fake investment platforms to collect funds from victims.
The fraudsters reportedly operated Telegram channels and groups to circulate fresh QR codes. Whenever cybercrime units across the country froze suspicious accounts following complaints, the accused would activate new accounts and upload new QR codes to continue the scam.
So far, police have gathered details of 835 bank accounts and verified transactions in 290 of them, uncovering deposits amounting to ₹209 crore from investors across India. Authorities estimate that the total fraud amount may exceed ₹400 crore after full verification.
Besides the alleged kingpin, eight other accused persons from various parts of Kashmir have been arrested. Further investigation is underway to trace the complete money trail and initiate attachment of properties belonging to the accused.
Police have urged citizens to remain cautious of investment platforms promising unrealistic returns and warned against renting out bank accounts for monetary gain. Victims can lodge complaints through the official cybercrime portal at cybercrime.gov.in or contact the toll-free helpline number 1039.
