Maharashtra Businessman Falls Victim to Forex Scam; Losses Mount to Crores

A businessman from Thane, Maharashtra was swindled out of Rs 4.11 crore by cyber fraudsters under a fake forex trading scheme. The accused include foreign nationals linked to an online trading company. Legal action is underway as authorities pursue the money trail across multiple accounts.

In a significant cyber-fraud incident, a businessman from Thane, Maharashtra, reportedly lost Rs 4.11 crore to a deceptive forex trading scheme run by foreign fraudsters and a counterfeit online company. This shocking case of high-stakes cybercrime has shed light on the vulnerabilities in online investment platforms.

The cyber police have registered a case against individuals identified as Tracy Clerk, Paul J Tudor, Bran Camron, and Benjamin Jadore, along with Metaxoption Company. The case has been logged under sections relating to cheating and criminal breach of trust of the Bharatiya Nyaya Sanhita, in addition to provisions of the Information Technology Act.

The accused had allegedly contacted the victim between March and July 2025, enticing him with promises of substantial investment returns. Despite transferring significant funds, the victim received no returns, and follow-ups were deftly evaded. Investigations reveal a complex money trail, linking various bank accounts, potentially overseas. No arrests have yet been made, as technical analyses continue.

(With inputs from agencies.)