Mumbai Police Busts Dubai-Based Forex Fraud Gang

Mumbai police have dismantled a forex trading fraud network operating from Dubai. The gang misled victims with promises of high returns, extracting money through debit and credit cards. A significant arrest led to the recovery of Rs 9.75 lakh out of the Rs 22.54 lakh swindled.

Mumbai police have successfully dismantled a gang involved in forex trading fraud based in Dubai, an official reported on Wednesday.

The Cyber Cell's Evidence Management Centre of Navi Mumbai police spearheaded the operation. Inspector Deepali Patil stated that gang members lured victims into investing by promising high returns, extracting money through debit and credit cards in stages.

In a specific instance, a victim from Khandeshwar, Navi Mumbai, transferred Rs 18,54,255 into various bank accounts and handed over Rs 4 lakh cash, totaling Rs 22.54 lakh, without receiving any returns.

Following a tip-off, police arrested a gang member in Antop Hill, Mumbai, which led to critical information about the company and its website. A case study was registered at the Khandeshwar police station based on the victim's complaint.

Police managed to recover Rs 9.75 lakh out of the total amount lost in the fraud.