Navi Mumbai Police Busts a Forex Trading Fraud Gang from Dubai

The Navi Mumbai Police claimed to have busted a forex trading scam ring from Dubai, and a 34-year-old gang member has been arrested. The action was taken by officials of the Evidence Management Center (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.

In one case, the accused targeted a victim in Khandeshwar, Navi Mumbai, and got him to transfer Rs 18,54,255 to different bank accounts and also took away Rs 400,000, amounting to a total value of Rs 2.254 million. However, the victim did not get any returns.

Deepali Patil added that the police had recently received a tip-off that a gang member was in Mumbai's Antop Hill, following which the police set a trap and arrested him.

"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. The police could recover Rs 97,5000 from the accused out of the total amount lost by the victims due to the scam, she said.

(Source: Deccan Chronicle)