Fake forex platform busted with arrest of 10 in Mumbai

With the arrest of ten persons and seizure of a sizeable chunk of laptops,  mobiles and incriminating documents, the Mumbai crime branch sleuths have busted a fake online foreign exchange platform that allegedly cheated nearly 500 customers to the tune of Rs 6.25 crore.

Acting on a tip-off, the Crime Branch-III officials of the Mumbai police raided Messrs. Multi Business Centre Services’ premises at Dadar (east) in north-central Mumbai. The investigations have revealed that the arrested accused— associated with a website named www.moneytrading.com —were allegedly cheating people by luring them to invest in the foreign exchange trade. Through the website, the accused used to promise handsome returns on investments made in forex trading. The modus operandi was to ensure that the customers made payments with the help of a mobile App., ‘Pay You’ which was credited directly into the private accounts of the accused, cheating the gullible investors.

During the raids, the crime branch sleuths seized 96 laptops, 17 mobiles and other documents used by the accused to carry out the fake forex trading business.

The ten persons arrested in connection with the fake forex trading scam were identified as Tanveer T Shaikh, Asad T Shaikh, Shahrukh T Shaikh, Vyankatchalam Mariappa, Fayyaj U Shaikh, Sanjay K Vaishnav, Parvez M Khan, Imran M Khan, Mohammed J. Shaikh and Azharuddin D Shaikh.

The arrested accused have been booked under various sections of the Indian Penal Code and IT Act.  They took into formal custody after producing before a city court.