₹209 Crore Online Investment Scam Busted in J&K: ‘Dr. Morphine’ Among 9 Arrested

Nine held as investigators trace ₹209 crore routed through 290 bank accounts; links to foreign handlers under probe

In a major breakthrough against cyber-enabled financial crime, the Jammu and Kashmir Police have dismantled a sprawling ₹209 crore online investment scam operating out of Ganderbal district. Nine suspects were arrested, including Haryana-based Ekant Yogdutt, who allegedly operated under the alias “Dr. Morphine.”

How the Scam Worked

According to investigators, the accused posed as professional traders and investment advisors on dubious platforms such as paisavault.com. Victims were lured through Telegram groups and QR codes that promised high, quick returns on investments.

Once a victim transferred funds, the money was routed through so-called “mule accounts” — bank accounts opened in the names of local individuals who were paid small commissions for allowing their accounts to be used. Police revealed that at least 290 bank accounts were used to layer and circulate funds, making the trail harder to trace.

₹209 Crore Transactions Traced

Authorities have identified transactions worth at least ₹209 crore linked to the network so far. The money was systematically layered across multiple accounts before being transferred overseas. Preliminary findings suggest possible links to Chinese nationals.

During raids, police reportedly seized:

• Chinese yuan currency

• Multiple ATM and debit cards

• Bank documents

• Digital devices used in the fraud

Key Accused: ‘Dr. Morphine’

Ekant Yogdutt, alias “Dr. Morphine,” is believed to be one of the central operators of the scam. Officials say he coordinated with other members of the network to manage accounts and facilitate international fund transfers.

Investigation Ongoing

The case is being treated as a major instance of organized cyber-financial crime. Investigators are now:

• Tracing additional beneficiaries

• Examining international money trails

• Identifying more victims across states

Officials have urged citizens to remain cautious of:

• Investment offers promising guaranteed high returns

• Unknown Telegram investment groups

• Requests to scan QR codes for trading opportunities

• Requests to share bank or OTP details

Rising Online Investment Fraud in India

This case highlights the growing sophistication of digital financial scams in India, where fraudsters exploit social media platforms, encrypted messaging apps, and cross-border channels to siphon funds.

Police have reiterated that legitimate investment platforms are regulated and do not solicit funds via random Telegram messages or personal QR codes.