Forex Trading Scam Busted in Mumbai: Illegal Call Centre Raid Nets 14 Suspects

An illegal call centre in Malad, north Mumbai, was reportedly busted by the Crime Branch. The operation led to the arrest of 14 individuals involved in cheating people by promising high returns in forex trading. The call centre, operating from Chincholi Bunder in Malad West, was reportedly collecting personal information of investors through online sources.

According to an official, the Crime Branch Unit 10 received specific information leading to the bust. The fraudsters posed as employees of a UK-based firm called VFX Markets, luring several individuals into forex trading investments and defrauding them of lakhs of rupees.

The Crime Branch seized 16 desktops, two laptops, two mobile phones, and documents related to the illegal call centre. The arrested individuals have been charged under the Bharatiya Nyaya Sanhita, IT Act, and Maharashtra Protection of Interest of Depositors Act (MPID) for cheating and other offences.