Mumbai: Cops nab ten for running Forex scam in Dadar

City crime branch sleuths on Friday arrested 10 persons for allegedly running an illegal Forex platform at Dadar. Preliminary information revealed that the accused had cheated approximately 500 people to the tune of Rs 6.36 crore.

Those arrested have been identified as Tanveer Tahirali Shaikh, Asad Tahirali Shaikh, Shahrukh Tahirali Shaikh, Vyankatchalam Mariappa, Fayyaj Umer Shaikh, Sanjay Kapoor Vaishnav, Parvez Maqbool Khan, Mohammad Jafar Shaikh, Imran Maqbool Khan and Azaruddin Daudali Shaikh.

According to joint commissioner of police (Crime), Ashutosh Dumbare, Crime branch, Unit – III led by senior police inspector Jagdish Sail had received the information about the duplicate foreign exchange (Forex) platform running from the Dadar. The raid was conducted at M/s Multi Business Centre Service, in front of Pritam Hotel, Dadar.

"The accused were running a bogus foreign exchange (Forex) platform to lure people for investing money in the foreign exchange trade," Dumbare said.

Explaining the modus-operandi, deputy commissioner of police (detection) Dilip Sawant said, "They created a website 'MONEY TRADING.COM' and promised to give handsome returns. They received payment with the help of 'Pay You' app and cheated people. The money received with the help of this app directly credited in the personal account of the accused."

Assistant commissioner of police Netaji Bhopale said that 96 laptops and 17 cellphones were seized. "An offence has been registered at Matunga police station. The accused have been arrested on charges of cheating. All the 10 accused were produced before the local court and remanded to police custody."