J&K Police Bust Multi-Crore Transnational Online Investment Scam; Kingpin ‘Doctor’ Arrested

GANDERBAL, J&K — The Jammu and Kashmir Police have successfully dismantled a sophisticated transnational online investment fraud syndicate that duped investors of hundreds of crores through phishing and fraudulent trading platforms.

The investigation was triggered by a complaint from Firdous Ahmad Mir of Safapora, leading to the registration of FIR No. 08/2026 at Ganderbal Police Station under various sections of the Bharatiya Nyaya Sanhita (BNS) and the IT Act.

Under the direction of SSP Ganderbal, Khalil Ahmad Poswal, a Special Investigation Team (SIT) comprising subject matter experts uncovered a complex web of deceit involving websites like paisavault.com. These platforms lured victims with the promise of high returns on coin trading, only to divert their investments through a network of local “mule” bank accounts across Budgam, Srinagar, Ganderbal, and Baramulla before layering the funds into international accounts to mask the money trail.

The mastermind behind the operation has been identified as Ekant Yogdutt, alias “Dr. Morphine,” a resident of Hisar, Haryana, who reportedly acquired these cyber-fraud techniques while pursuing an MBBS degree in the Philippines and maintained active links with Chinese nationals.

The SIT revealed that Yogdutt collaborated with a local Kashmiri network—including regional heads and account mobilizers such as Mohammad Ibrahim Shah, Nasir Ahmad Gani, and several others—who exploited BPL (Below Poverty Line) individuals by renting their bank accounts and ATM cards for small monthly fees.

The investigation also pointed to the complicity of certain bank employees who facilitated the generation of QR codes for these accounts, which were then regularly updated on Telegram channels to bypass freezes by national cyber units. To date, the police have scrutinized 835 bank accounts and verified transactions worth ₹209 crore from investors across India, with the total scam expected to exceed ₹400 crore upon final verification.

While the kingpin was apprehended at Delhi International Airport upon his return from China, eight other accomplices have been arrested across Kashmir, and authorities are currently moving to attach the accused’s properties and trace the remaining illicit funds.