Gang from Dubai involved in Navi Mumbai forex trading fraud busted; one held

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With the arrest of a 34-year-old man, the Navi Mumbai police claimed to have busted a gang involved in Navi Mumbai forex trading fraud from Dubai, an official said on Wednesday, reported news agency PTI.

The action was taken by officials of the Evidence Management Centre (EMC) of the Cyber Cell of the Navi Mumbai police.

"Gang members operating from Dubai lured the victims into investing in forex trading by promising handsome returns to them. They extracted money from the victims through the debit and credit cards in phases," inspector Deepali Patil of the EMC cyber cell of the Navi Mumbai police said in a statement, reported PTI.

In one such case, the accused targeted a victim from Khandeshwar in Navi Mumbai and made him transfer Rs 18,54,255 into different bank accounts and also took Rs 4 lakh, collectively worth Rs 22.54 lakh. However, he did not give him any returns, she said.

The police recently received a tip-off that a gang member was in Antop Hill of Mumbai, following which a trap was laid and he was arrested, she added.

"During his interrogation, the police received information about the company, its website and other accused involved in it. Based on a complaint by the victim, a case was registered at the Khandeshwar police station," the official said, reported PTI.

Of the total amount that the victim lost in the Navi Mumbai forex trading fraud, the police could recover Rs 9.75 lakh from the accused, she said.

In another case, a 58-year-old architect from Maharashtra's Thane city was allegedly cheated of more than Rs 8 crore by a Dubai-based businessman, police said on Monday, reported PTI.

Based on a complaint, the Naupada police on Saturday registered a case against the alleged accused, Harish Chainani, and others involved in the crime, an official from Naupada police said, reported PTI.

According to the complaint, the accused, who imported luxury watches, allegedly lured the victim to join his venture as he wanted to expand it to India and asked him to invest Rs 4 crore, he said, reported PTI.

In 2022-23, the victim allegedly gave the Dubai-based businessman 13 watches worth Rs 4.85 crore and a sum of Rs 4 crore for the business, the official said.

Later, when the victim sought returns on his investment and proceeds from the sale of the watches, the accused started giving him evasive replies and stopped taking his calls, he said.

(With inputs from PTI)