₹15-crore investment fraud: J&K bizman held for duping former Ludhiana teacher

The accused, Moris Adam Shahmiri, was arrested and produced before a local court on Tuesday, which remanded him to three days of police custody for further interrogation

In a case involving an alleged ₹15-crore investment fraud, the Sadar police have arrested an online entrepreneur from Jammu and Kashmir for allegedly duping his former teacher and her husband through a carefully executed investment scam.

The case was registered on January 30 under Section 318(4) of the BNS and Section 66 of the Information Technology Act on a complaint filed by Seeta Rani, a resident of Pakhowal Road. (HT File)

The accused, Moris Adam Shahmiri, was arrested and produced before a local court on Tuesday, which remanded him to three days of police custody for further interrogation.

The case was registered on January 30 under Section 318(4) of the BNS and Section 66 of the Information Technology Act on a complaint filed by Seeta Rani, a resident of Pakhowal Road. Police said the accused approached her and her husband in August 2024, posing as a successful businessman and offering assured high returns on investments in his company.

According to investigators, the fraud was executed through a structured modus operandi designed to build trust. The accused allegedly induced the couple to invest large sums through bank transfers, UPI payments, and credit cards, while issuing post-dated cheques, share allotment letters, and an affidavit in June 2025 acknowledging a liability of ₹13.10 crore, with a clause promising double repayment in case of default.

In her complaint, the woman stated that no returns were ever paid and multiple cheques issued by the accused were dishonoured. The documents provided were later found to be forged. She further stated that her husband, who was battling cancer at the time, repeatedly sought return of the money but received no response. He passed away in July 2025, after which financial scrutiny revealed alleged liabilities exceeding ₹15 crore.

Police said the case is supported by extensive documentary evidence, including bank records, bounced cheques, chat logs, affidavits, and courier receipts, indicating premeditated fraud. The complainant also alleged that the accused threatened her, claiming political and police connections to avoid legal action.

Inspector Jagdev Singh, SHO Sadar police station, said the accused had been evading investigation despite repeated summons.