Crime Branch Kashmir arrests Srinagar man in fraudulent sale and purchase of gold worth Rs. 4.24 crore

STC NEWS DESK
SRINAGAR, NOVEMBER 11 (STC): A businessman in Srinagar has been arrested by the Economic Offences Wing (EOW) of Crime Branch Kashmir for committing a fraud amounting to Rs. 4.24 crore in sale and purchase of gold, said official reports.
The arrested businessman has been identified as Mudasir Ahmad Wani, son of Ghulam Ahmad Wani, a resident of Badamwari, Hawal, Srinagar. An FIR was registered against him bearing FIR No. 22/2024, under Section 318(4) of the Bharatiya Nyaya Sanhita (BNS) at Police Station Karan Nagar, and subsequently transferred to the Economic Offences Wing of Crime Branch Kashmir for investigation.
In a statement to mefia, the CBK said that the case originated from a written complaint received at Police Station Karan Nagar, wherein the complainant stated that he was engaged in the purchase and sale of gold items through his firm M/S Bullion Vault. He alleged that the accused, who was operating gold outlets under the names M/S Gold Hub and M/S The Gold Hub at Sallar Shopping Complex, Saria Payeen, near Magarmal Bagh Crossing, Srinagar, along with his partner Omar Khan, cheated him after receiving substantial advance payments for the supply of gold but failing to deliver the goods. The accused neither supplied the gold nor refunded the amount.
Investigations revealed corroboration of the documentary evidences with the complainant’s allegations. It was established that an amount of Rs. 4.24 crore had been cheated by the accused, reads the CBK statement.
(Straight Talk Communications)