Ponzi scheme scam: Firm officials booked, police raid multiple places

Cyber Police Kashmir received information that victims were deceived by the fraudulent company, enticing them to invest their hard-earned money with false promises of substantial returns.

The Jammu and Kashmir police have registered an FIR and raided multiple places and offices of a company ‘Curative Survey Private Limited’ for allegedly scamming hundreds of people of their money by promising huge returns on their investments within months. The purported directors and promoters of the company have gone absconding.

During the preliminary investigation, it revealed that the said company exhorted the common public to register on its website and become a partner in surveys it was undertaking. The registered individuals were promised payment for undertaking those surveys.

People said the fraud company, which worked like an alleged ponzi scheme, was advertised by some social media influencers of the Union territory in summer this year enticing people to register, invest their money and get involved with some surveys of cosmetic products ‘yet to be launched’. The social media influencers have denied any wrongdoing saying they did the promotion in good faith.

“We are investigating and action will be taken so that people get their money back soon,” said Kashmir divisional commissioner Vijay Kumar Bidhuri.

“People have to be cautious of the claims of doubling money in seven or 15 days. It is the modus operandi of these scammers. They will do the things for a few people and then siphon off the money of the majority,” he said.

“The police have registered a case under relevant sections of the IPC and IT Act,” the official said.

The police said their investigations and details from some victims indicated that the company had allegedly promised payments to people who were registering on their website and carrying out daily survey activities.

Searches were conducted at multiple locations and registered offices of company and same stands sealed as well. “During searches incriminating materials including electronic devices and documents were seized,” the spokesperson said.

The police urged the general public to be cautious of online scams and urged them to verify the credentials of online schemes before investing their hard-earned money.