Ten people have been arrested in the city for allegedly cheating people of over Rs 6 crore by running a bogus online foreign exchange (forex) trading platform, a police official today said.
Acting on a tip-off, Crime Branch officials raided the office of Multi Business Center Service in Dadar area last night and found that a bogus forex trading platform was being run from there.
The accused lured people to invest money in forex trade through a website, promising windfall returns, but syphoned off the money instead, the official said.
They are suspected to have cheated some 500 people to the tune of Rs 6.36 crore.
Police also seized 96 laptops and 17 mobile phones from the accused's possession, the official said.
A case was registered at Matunga Police Station under IPC section 420 (cheating) and under the Information Technology Act.
Those arrested were identified as Tanveer Shaikh, Asad Shaikh, Shahrukh Shaikh, Vyankatchalam Mariappa, Fayyaj Shaikh, Sanjay Vaishnav, Parvez Maqbool Khan, Jafar Shaikh, Imran Khan and Azaruddin Daudali Shaikh.
A court today remanded them in police custody till August 2, the official said, adding that further investigation was on.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)