In one of the largest cyber fraud crackdowns in Jammu and Kashmir, police have unearthed a massive transnational online investment scam involving over ₹209 crore. A Haryana-based MBBS doctor has been identified as the alleged kingpin among nine persons arrested so far.
Police said they successfully cracked a multi-crore online investment racket that operated through phishing techniques and fake trading platforms. The case was registered at Police Station Ganderbal after a complaint was filed by a resident of Safapora in Ganderbal district.
FIR No. 08/2026 was lodged under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the IT Act to probe allegations of identity theft and online cheating by a network of cyber fraudsters.
Senior Superintendent of Police (SSP) Ganderbal, Khalil Ahmad Poswal, constituted a Special Investigation Team (SIT) comprising subject matter experts to investigate the case.
Fake Investment Websites and Money Trail
During the investigation, police identified several fraudulent online investment websites, including paisavault.com, which lured victims through social media platforms and search engines by promising high returns on coin trading. After investors deposited money, the funds were routed into local bank accounts belonging to individuals from Budgam, Srinagar, Ganderbal, Baramulla and other districts.
The accused allegedly controlled these accounts and swiftly transferred funds outside Jammu and Kashmir through multiple layered transactions, including cross-border transfers, to conceal the money trail and evade detection.
Haryana Doctor Arrested at Delhi Airport
Police identified the alleged mastermind as Ekant Yogdutt, also known as “Dr. Morphine,” a resident of Hisar, Haryana. Investigators revealed that he reportedly gained expertise in cyber fraud techniques during his MBBS studies in the Philippines and maintained links with Chinese nationals.
Ganderbal Police arrested him at Indira Gandhi International Airport upon his arrival from China.
Local Network and Bank Account Misuse
The accused allegedly worked in coordination with local operatives in Kashmir who acted as regional heads and account mobilisers. They targeted below poverty line (BPL) account holders and persuaded them to hand over their bank accounts and ATM cards in exchange for monthly payments ranging between ₹8,000 and ₹10,000.
Investigations also pointed to the involvement of certain bank employees who allegedly facilitated the operation by issuing QR codes linked to these accounts. The fraudsters uploaded these QR codes on fake investment websites and circulated fresh ones through Telegram channels and groups.
Whenever cybercrime units across the country froze accounts following complaints, the accused reportedly activated new accounts and uploaded new QR codes to continue the operation.
₹209 Crore Traced So Far
Police have so far collected details of 835 bank accounts and verified transactions in 290 of them, revealing deposits amounting to ₹209 crore from investors across India. Authorities believe the total fraud amount could exceed ₹400 crore after complete verification.
Eight other accused persons from various parts of Kashmir have also been arrested. Further investigation is underway to trace the complete money trail and initiate property attachment proceedings against those involved.
Police have urged citizens to remain vigilant against fake investment platforms promising unrealistic returns and warned people against renting out their bank accounts for monetary gain.
Victims can lodge complaints on the official cybercrime portal cybercrime.gov.in or contact the toll-free helpline number 1039.
