Updated December 19th, 2023 at 22:21 IST
Republic Exclusive: Rs 60 crore financial scam rocks Jammu and Kashmir
Investigations revealed that the Curative Survey Agency lured investors by promising to double their investments within 15 days.
Srinagar: In a startling development, authorities in Kashmir have exposed a massive financial fraud of Rs 60 crores allegedly perpetrated by the fraudulent entity known as "Curative Survey Agency." The agency, initially posing as a legitimate organization conducting surveys related to public health, is now under intense scrutiny for orchestrating fraudulent activities.
The company, which initially operated with local staff, employees, and physical office spaces across districts like Jammu, Srinagar, Budgam, and Baramulla, ceased communication after nine months. This sudden halt left investors skeptical and powerless.
Investigations revealed that the Curative Survey Agency lured investors by promising to double their investments within 15 days. However, the agency was discovered to be diverting funds through complex schemes, deceiving both common individuals and local employees participating in their alleged surveys.
The fraudulent outlet "Curative Survey Agency" used local influencers to promote its promises, making it easier for people to fall victim to the scam. Approximately 50,000 individuals in Jammu and Kashmir invested in this company, with some even selling their properties and jewelry to invest their hard-earned money in this fraudulent scheme.
Speaking to Republic, a victim from Srinagar (name changed for privacy) shared, "I came from a weak financial background, making it easier for me to fall into this scam. I invested more than 1.5 lakhs in this company, and now I am completely helpless." According to over 200 victims, more than Rs 60 crores have disappeared, with all contact numbers of concerned persons defunct and physical outlets closed.
Kashmir-based influencers who promoted the company claimed to have verified all necessary documents, such as GST numbers, PAN, and Aadhar details of individuals heading the firm before creating promotional videos. They received a fixed fee for these videos.
Authorities suspect that the fraudulent activities persisted over an extended period, with the agency fabricating survey data and inflating expenses to embezzle funds. The financial irregularities were uncovered during a routine audit, leading to a comprehensive investigation into the agency's financial transactions.
Individuals associated with the Curative Survey Agency across Jammu and Kashmir are currently under questioning and investigation.
A senior police official at Cyber Police Kashmir stated, "It's a fake online investment scam, and we have taken complete cognizance of this matter. An FIR (No. 39/2023) under Section 66D of the IT Act and 429 IPC has been lodged at Cyber Police Station Srinagar."
This revelation has sent shockwaves through the local community, emphasizing the need for increased vigilance and stringent regulatory measures to prevent such financial frauds in the future. Officials assure the public that strict legal action will be taken against those found responsible for the financial scam. As the investigation progresses, the full impact on those who participated in the surveys is expected to become clearer in the coming weeks.
Published December 19th, 2023 at 22:21 IST