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Srinagar, Dec 20- Jammu and Kashmir Police has started an investigation against an ‘investment company’ for allegedly duping depositors in the union territory of Rs 59 crore.

The alleged fraud surfaced when the depositors alleged that ‘Curative Survey Agency’ had deceived them by promising them doubling their investment in 15 days.

The depositors said the bogus company cheated the gullible public by falsely promising them huge returns on their investments. The depositors mostly included students and housewives who had invested money in the company.

The depositors alleged that the company has turned unresponsive, which has led to chaos, anguish, and protests.

After the allegations and a formal complaint, J&K police took cognizance, registered a case, and took up the investigations.

“Taking cognizance of a complaint, Cyber Police Kashmir has registered a case under sections 66D of the IT Act and 429 of the IPC against the operators of ‘Curative Survey Agency’, which has fraudulently collected a huge amount of money from the people in J&K on the false promise of ‘doubling their investment in 15 days’,” officials said.

Several raids were conducted by the police on Wednesday as part of the investigation.

The Kashmir-based influencers who promoted the company are also under investigation.