In a major breakthrough against cyber fraud, Jammu and Kashmir Police have busted a transnational online investment scam involving fake trading platforms and phishing websites, arresting a doctor identified as the alleged mastermind and exposing fraudulent transactions worth over Rs 209 crore.
The main accused, Ekant Yogdutt alias Dr Morphine, was arrested by Ganderbal Police while returning from China at the Indira Gandhi International Airport in Delhi. Eight other accused have also been arrested from various parts of the Kashmir region. Further investigation is underway to trace the entire money trail and attach properties of the accused, police said.
The scam surfaced following a complaint by Firdous Ahmad Mir of Safapora in Ganderbal, who alleged identity theft and cheating by online fraudsters through fake investment platforms.
Acting on the complaint, Ganderbal Police registered FIR No. 08/2026 under relevant sections of the Bharatiya Nyaya Sanhita and the IT Act and constituted a Special Investigation Team (SIT) under the supervision of Senior Superintendent of Police Khalil Ahmad Poswal.
Police said investigations revealed that the fraudsters created fake online investment and cryptocurrency trading platforms, including websites such as paisavault.com, to lure investors with promises of high returns.
Victims were induced to deposit money, which was routed through multiple bank accounts in Jammu and Kashmir and later transferred outside the Union Territory and abroad through layered transactions to evade detection.
So far, police have identified 835 bank accounts linked to the fraud and verified transactions in 290 of them. These accounts alone received over Rs 209 crore from victims across India. Officials said the total amount involved is likely to exceed Rs 400 crore once all accounts are fully verified.
Police identified the main handler as Ekant Yogdutt alias Dr Morphine, a resident of Hisar in Haryana, who allegedly learned cyber fraud techniques while pursuing his MBBS degree in the Philippines and developed links with foreign nationals, including individuals from China.
He was arrested by Ganderbal Police at the Delhi airport upon his return from China. Police said Yogdutt operated the scam through a network of associates and coordinated fraudulent operations across multiple regions.
Eight other accused were arrested from various parts of Kashmir, including Ganderbal, Budgam, and Baramulla. They include regional coordinators and account mobilisers who facilitated the operation at the local level.
Investigators said the accused recruited economically vulnerable individuals, including below poverty line (BPL) account holders, offering them Rs 8,000 to Rs 10,000 per month in exchange for access to their bank accounts and ATM cards. These accounts were then used to receive and transfer the proceeds of the fraud.
Police also found evidence suggesting the involvement of some bank employees, who allegedly provided QR codes linked to mule accounts that were uploaded on fake investment platforms.
The fraudsters operated Telegram channels and groups to circulate new QR codes and account details regularly, enabling them to quickly shift funds and bypass account freezes imposed by cybercrime units following complaints.
Police said further investigation is underway to trace the complete money trail, identify additional accused, and attach properties acquired through illegal proceeds. Authorities are also coordinating with cybercrime units and financial institutions across the country.