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Srinagar: The Jammu and Kashmir Police has carried out raids at five locations in Srinagar as part of a probe into a multi-crore investment fraud, officials said on Wednesday.
Electronic gadgets and documents were seized during the raids by the cyber wing of the Jammu and Kashmir Police on Tuesday night, they said.
Inspired by the Hindi film Phir Hera Pheri, the fraudsters set up a company named 'Curative Survey' in the Karan Nagar area and duped several people of at least Rs 59 crore under the pretext of doubling their investment within two weeks, officials said.
The officials, however, said the amount might increase as the investigation is still in progress.
Initially, the company made good on its promise which brought in more investors and the scheme was promoted by at least two local YouTubers adding to its popularity.
Soon after, the owners of the company disappeared, officials said, adding that they found the Karan Nagar office locked.
One of the YouTubers, Idris Mir, said he could not be held responsible for the fraud as he had featured the company on his channel as a paid promotion.
"It was not only me who did it. There are others as well. We have our own checks to see whether the company is a legal entity. Only then we promote the company. This company was in operation for nearly one year with branches in Jammu, Srinagar, Patton, and Sangrama. What was happening during all this time?" he asked.