Mumbai: Illegal forex trading centre busted, 1 held by MIDC police

The MIDC police busted an illegal foreign exchange trading call centre at Andheri on Wednesday. According to the police, the company would induce people to invest money in forex trading, assuring them of benefits, though it didn't possess the required licences to run the business.

Senior police inspector Nitin Alaknure of MIDC police station said they received credible information that an illegal forex trading call centre was being operated in the name of alpari.com at Summit Business Bay in Andheri (East).

"The said information was then verified and the place was raided, where a manager and seven employees, including a woman, were found working. They didn't have any authorised documents or licences to run a forex trading business. But despite that, they induced people to invest money in forex trading, assuring them of getting benefits," Alaknure said.

In all, eight laptops, 12 mobiles and other equipment was recovered, as also was cash worth Rs 4 lakh. "The manager, one Anup Mudrika Ram (33), a resident of Mira Road, was arrested on charges of cheating, while seven others were allowed to go after being issued notices.

The accused has been booked on charges of cheating under sections of Indian Penal Code and Information Technology Act. Ram was produced before a local court which remanded him to police custody till January 25.